Careful Now! Equity markets have me a bit worried
I was very bullish cable to start the week and I’ve obviously been totally wrong on that one. This may be just another stop-loss squeeze but the daily close below 1.2250 has the overall picture looking potentially bearish. I’m stepping aside on cable for now and will await further signals.
The AUD/USD has held up well but if global stock markets hit the skids again, the Aussie is likely to come in for some short-term punishment. I’m square here as well but am a convinced dip-buyer and will look for good risk-reward opportunities.
I’m still comfortable holding onto my long bullion trades and see no reason to exit these at the moment.