Trade idea: EUR/AUD

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

AUD
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.

AUS200-171115-SML
Click to enlarge

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.