AUD holding on to gains heading into European open

Let’s see what the early European traders have to do, hopefully a bit more that we saw here in Asia.

Sovereign offers reported in Cable 1.6210/20 but that’s all I’m hearing of note on the order front. Here’s a quick overview of events so far:

  • AUD rallies on short-covering, higher equities and strong bond auctions:
  • USD/JPY falls after BOJ decision to keep bond-buying fund unchanged:
  • EUR/USD and EUR/JPY capped by 61.8% Fibo retracements at 1.3030 and 102.25 respectively:
  • EUR/USD trades 10 pip range for much of session.
  1. Nobody wants to short, nobody wants to buy. Seems we will not move much till NFP.

    Sean, are you going to trade the NFP? Or you’re closing your trading day before?

  2. No way Iridium, I will finish up well before then. I will probably lighten up my positions or hedge into quiet cross positions, and enjoy an enjoyably quiet w/e 🙂 How about you? Do you try and trade these events?

  3. Sure, I will trade this one. It will probably define a trend of at least few days imho, so not something to miss. As I wrote earlier, I think for the EURUSD it will either push it back towards 1.27x or it will push it above 1.317 (last high). And I favor the latter one for the moment. These things are difficult to trade, and I would not be trading it if I entered correctly at 1.2815 as I was supposed to 🙂
    Now, I am like your hedge funds guys that want to have something to eat by the end of the year 🙂

  4. You are 100% right Iridium, if you want to make serious money in this mkt then you must put in the hard yards and see how mkts trade at these big events. It’s a 24/7 job, no short-cuts unfortunately

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