Major breaks on crosses should cause a re-think on AUD/USD, USD/JPY
GBP/JPY made a significant move higher last night breaking above monthly highs at 163.00. It’s unusual for these big levels to break on the first time of asking, but if they do then watch out!
EUR/AUD made a more modest break above recent daily highs near 1.4550 but the up-trend looks to be back in place so buying dips now preferred.
I’ve been running GBP longs against the USD and the EUR and I think I should be adding to my portfolio by introducing GBP/JPY and GBP/AUD as well. I bought some AUD/USD overnight at .9265 and .9225 but I may have been a touch premature and will probably look to off-load this position on any intraday rallies. I still think it will bottom out somewhere near .9200 but I will get better bang for my buck from my long cable play.