Forex Strategy: Holding AUD/USD Short as NFP Looms

By DailyFx | June 06, 2014 AAA

I entered short AUDUSD at 0.9328, initially targeting 0.9201, after prices broke below support at the bottom of a rising channel set from late January. Recent gains look corrective and I am expecting the upcoming US jobs to help rekindle selling.



With that in mind, I will continue to hold the trade. A stop-loss has been set to activate on a daily close above 0.9408. I will book profit on half of the trade at the first objective and trail the stop-loss to breakeven on the remainder of the position.



comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. US Dollar Soars Before Key Data, Pound May Fall on Soft PMI
    Forex News

    US Dollar Soars Before Key Data, Pound May Fall on Soft PMI

  3. 3 Reasons AUD/USD Could Be a Sell (Update #2)
    Forex News

    3 Reasons AUD/USD Could Be a Sell (Update #2)

  4. AUD/USD Technical Analysis: Aussie May Correct Higher
    Forex News

    AUD/USD Technical Analysis: Aussie May Correct Higher

  5. AUD/USD Resistance at .8890
    Forex News

    AUD/USD Resistance at .8890

Trading Center