Updates on major crosses

My idea to be short GBP/USD from $1.5080 has hit my suggested profit target of $1.4850.

USD/GBP
Source: Bloomberg

This, however, has proven to be a conservative view, given spot is now close to $1.4700. I am happy with the 230 pip profit, although I feel there are downside risks. The pair is oversold at present and rallies should be sold in my opinion. I will be looking for new opportunities in the short-term.

EUR/JPY

I suggested lowering stops last week, but given the falls stops could be moved down again, this time to ¥127.90 (just above the 38.2% retracement of the recent sell-off from ¥127.06). Having suggested shorts from ¥129.80, I am happy to stay short for now, although there seems to be some more positive price action of late and the RSI’s are ticking up a bit.

AUD/USD

AUD/USD rejected the 77 handle and is once again testing the February lows. With my USD/CAD and GBP/USD ideas having hit profit targets, short AUD/USD trades are the only USD exposure I have left from the recent trade ideas. I am happy with this position given the magnitude of this week’s FOMC meeting.

US 500

I suggested looking at US 500 trades last week and will continue to focus on price action this week. As things stand, I would stay neutral until the market becomes more defined. 

US 500 Cash
Click to enlarge

US 500

US-500-Cash-16MAR15-LARGE

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