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Forex Analysis: Would Buy Big USDJPY Dips, Sell AUDUSD Bounce

David Rodriguez


I remain short the Japanese Yen and will look to add to the position, while a substantive shift in retal FX positioning leaves me in favor of further AUDUSD losses.


I'd like to sell AUDUSD against recent highs of $1.0585 with initial profit targets of $1.0400. A minimum of 1:1 reward:risk implies that the position is valid at a price of $1.0495 or better.


I'll watch for reversal risk across the board and update any thoughts on said positions via the forex real time news feed.


--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.


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