Trade idea: EUR/AUD

EUR/AUD is continuing to work well and my idea is now 400 pips in the money.

Source: Bloomberg

Rather than take profits in the position, I am keen to ride the trend and simply move my stop closer to the market. Specifically, I would look at moving stops to A$1.5290, just above the 11 November high.

Australia 200 cash

I would personally look at long positions in the Australia 200 cash on a daily close and break of the bullish wedge pattern. As things stand, there are many concerns which keep me from holding a bullish bias on risk assets in general, but a completion of this pattern suggests an aggressive move into the 5180 to 5200 area, where I feel traders could look to fade positions. I would place stops on the idea at 4990.

On the Australia 200 futures (December contract) my bias is actually to fade moves into the 5170 to 5180 area.

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