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Forex Strategy: Holding Short AUDUSD, GBPJPY Positions

Forex Strategy: Holding Short AUDUSD, GBPJPY Positions

Ilya Spivak, Head Strategist, APAC

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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