AUD,NZD/EUR/USD/Flows and Orders/GBP crosses

Cable: Sovereign buyers reported starting at 1.5970

These buyers have been very patiently sitting at the same level for quite some time now and the bids are still in place. If the EUR/USD stops are tripped below 1.3000 then cable will probably test these bids and AUD/USD will also test it’s support line near 1.0280.

  1. Someone asked me this question:If a trader had two short positions that were under water and an opportunity came up to short some more,what would be the reasonable thing to do?To short some more or wait and buy the dip to hedge the posie?I didn’t know what to tell him.So what does the expert say?thanks.

  2. I am biased to short AUD/CAD, after today’s BOC statement. The recent loonie’s slide is due to dovish tone from governor. Since the rate expectation of CAD is not materially changed, I see short AUD/CAD could be a a bet.

  3. You’re in luck Mike, normally I don’t hear much about the CAD but macro funds seen re-selling AUD/CAD today near 1.0250. Not a pair I follow much but just read that info from big prime broker. Not sure on amounts+

  4. Hi Sean,
    You are the cable expert. Would you long from 5930/40 awaiting a new high beyond 6309?

    It seems 6215 is the next stop following a short covering.

  5. I’m a bit bearish still on cable overall Hitesh so I may be the wrong person to ask re a bullish strategy. You can certainly try buying any dips with very tight s/l below overnight lows, that does make sense. I’m still running very small core shorts but will add if/when time feels right though I’m afraid I may have missed the boat. So I hope your idea does develop then I can sell again at 163 🙂

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