AUD,NZD/JPY crosses/Trade Ideas

AUD/USD: Overall bearish but AUD/JPY could be the fly-in-the-ointment

I’m sticking with my bearish bias on AUD/USD but with solid support at .8350/60 holding in the NZD/USD, and with the Yen crosses likely to turn bullish after USD/JPY broke above 100.00, I’d suggest some caution for AUD/USD bears. Perhaps booking some hard-earned profits might be good way to finish the week?

  1. Morning Yass, ideally we would add at 10250/80 and whilst that looks unlikely now, you never know what can happen especially if Yen crosses take off. Today, 10150ish will probably be tough to break but I also don’t expect huge capitulation below 10000

  2. Hi Sean, I had some short orders from 1.0206 on the AUDUSD, closed them out at 1.0106 (S3) but felt really stupid when it kept falling further 50 pips.

    Whats your advise on where to book profits?

    Are you still running your shorts or looking to reload more short?

    Thanks
    Baz

  3. Well done Baz, 100 pips is always an excellent result. There is no science to booking profits, as long as your risk-rward ratios make sense then that’s all that matters. If you can make 30 trades a year which each make 100 pips, then you will have a very good year!

  4. What a ride last night! I had my tp triggered for half my position at 1.0115.. gotto be happy with that.
    I’m not sure what to do with the rest.. It came so close to parity and hard to believe it would go north without a wash n rinse at least.
    Sean, seems you’re still in the sell camp. What’s your medium term target?

  5. I think we will see 95 cents in coming months but not in a straight line. Well done yesterday, and as you were taking some risk then it makes sense to hang on and try and make some profit. I’d trade 9950/10250 over coming week or so?

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