AUD,NZD/FXWW News/Trade Ideas

Bernanke: Another case of “sell the rumour buy the fact”? Buying AUD/USD dips is obvious trade!

It looks like the market might have even gotten itself a bit short of the USD heading into the Bernanke testimony and now we are getting the post-event square up. USD/JPY has led the way and my stops loss order in EUR/JPY is unfortunately getting very close (and my AUD/USD longs are also looking more vulnerable).

My reading is that the short-term market was short USD and is squaring up but that the testimony was risk-positive hence the rally in the Yen crosses. Once the dust dies down, AUD/USD should be the big beneficiary and I will add on any dips below .9100 for a rally to .9350 and beyond.

  1. I’ll enter a small position here at 9155, and will think about adding more at 9110 & 9070 with a stop around 9030.

    Got no feeling for what’s happening elsewhere so no other positions.

  2. I still think the next coming period will be choppy, as i mooted last week. But I’m not brave enough to say exactly how long….2 weeks? 4 weeks? Who knows…

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