My picks: Staying Short EUR/USD
Expertise: Fundamentals Combined With Technicals
Average Time Frame of Trades: 1 Day - 1 Week
EURUSD Update: I am looking to stay short EUR/USD after entering the trade last Wednesday at 1.4165, as daily charts showed that price reversed from the top of its rising channel formation and RSI fell from overbought levels. I'm looking for a drop down toward the 50% fib of 1.2885-1.4340 at 1.3620, and at this juncture, I'm moving my stop from 1.4340 down to break-even.
AUDUSD Update: As per my pick from Friday, I've sold AUD/USD due to its break below 0.7900, but to be cautious, some may prefer to wait for a daily close below this point. My stop is set above 0.8000 in order to account for the potential of another test of falling intraday trendline resistance and this morning's highs, and I've set a limit order near 0.7500, which marks a psychological point as well as the 38.2% fib of 0.6285-0.8266. Event risk will come into play on Wednesday, but any subsequent volatility should only be short-term in nature.
