In the grip of the Algos but sticking with the plan
I’ve been getting chopped around a bit over the last couple of weeks with the big Algos seemingly back in charge and tying the market into their beloved ranges. That said, I am seeing nothing to dissuade me from my view that the USD will be taking some big falls in coming months and I am still trading this view in AUD/USD, cable and gold.
I know I said last time that I was going to stay away from cable until I had more information but I got impatient and I have a small long position, a little out of the money. The latest Brexit stoushes between Brussels and London have put the “no deal” words back on the front pages and that has driven EUR/GBP back up towards .90. I’m keeping a close eye on the cross and will have to decide this week whether to add or exit my cable long position. Let’s hope that we get some clear market signals.
AUD/USD is trading like a pair that wants to go higher imho. ALL of the news out of China should be very AUD negative and yet any dips are very limited. What can’t go down will do up!! I still target .73c on this pair. Any dips to the low .64s are buying opportunities imho.
Gold is also giving me no reason to sell so I’m just going to sit on that until things get silly.
Have a great week++