AUD,NZD/Technical Analysis/Trade Ideas

AUD/USD: Time to drastically reduce short position

I’ve done reasonably well on this trading strategy over the last few months, selling rallies towards the top of the ‘weekly wedge’ and booking most of my profits on dips. According to my drawing, the top of the wedge has now been pierced and I sense that the daily close above 1.0515/20 is also a significant technical event. This may well be the top but regardless of that, I’m getting out of most of my short AUD/USD position and will now concentrate on my short cable play against my long EUR/USD trade.

  1. Had a short @ 1.0497,let it run as my S.L had been at B.E(positioned for any nasty turns-like it has done)since stopped out.Concentrating on my two short positions on EUR/USD(A close above 1.3170,am out) for the rest of yr.Hoping Fed gona fix me right…cheers!

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