LONG EUR/AUD @1.2400
We have just established a fresh long position on the cross with the market once again enticing us into a highly compelling counter-trend position. This is a market that sits by +20 year lows and fresh record lows, with longer-term studies well stretched and begging for some form of a healthy corrective bounce. This in conjunction with some highly oversold shorter-term studies on the daily chart, have given us the green light for entry. While we contend that we could very well see a substantial move from current levels, at a minimum, this trade should yield a few hundred points. We are long at 1.2400 with a stop-loss only on a daily close below 1.2250. Therefore, only exit the position if the market is below 1.2250 at 5pm NY time on any given day. Otherwise, sit back and lets see what this can do.
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