U.S. Markets closed

Forex Strategy: Holding AUD/USD Long Position

Ilya Spivak

The Australian Dollar’s corrective recovery looks likely to continue. Stabilization in Chinese economic news-flow has reflected positively in the RBA policy outlook, with priced-in expectations no longer calling for further easing over the coming 12 months. Meanwhile, the latest data from the CFTC shows net speculative short positioning started to unwind last week having hit a record high. I’ve entered long AUD/USD at 0.9190 and will continue to hold the trade, aiming for an initial target at 0.9640. A stop-loss has been set to trigger on a close below 0.8847.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.