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Forex Strategy: Holding Short AUDUSD, GBPJPY Positions

Forex Strategy: Holding Short AUDUSD, GBPJPY Positions

2014-05-20 13:00:00
Ilya Spivak, Head Strategist, APAC
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The Australian Dollar looks vulnerable to deeper losses in line with my fundamental outlook after prices broke below support at the bottom of a rising channel set from late January. I have entered short at 0.9328, initially targeting the 23.6% Fibonacci expansion at 0.9201. A stop-loss will be activated on a daily close above 0.9408, the May 14 high. I will take profit on half of the trade at the first target and trail the stop-loss to the breakeven level.

I also continue to hold short GBPJPY from 172.26. I booked profit on half of the trade at 171.27 and moved the stop-loss on the remainder of the trade to the breakeven level.

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