AUD/USD: Adding to long position
I bought AUD/USD yesterday on the dip below .9150 and I’m adding to this position this morning near .9150 opening levels. Obviously this is a bit risky with Australian jobs data due later this morning, but the market has done pretty much what I expected it to do and so I will back my instincts as always.
I’m not running a huge position and will play with a pretty wide (for most people) stop over 100 pips. I will reduce on any silly spikes.
I think the market is very wrong in trying to sell the AUD or the CAD. The EUR, GBP and JPY are seriously out of favour for different reasons and I simply think its illogical for the whole world to pile into USD and only USD! Therefore the AUD and CAD will be ‘must-have’ alternatives in my view.