GBPUSD longs are working and are in good shape above 1.5090. Weakness below there would probably encounter support at 1.5050. Objectives remain 1.5400 and 1.5600. If a move to these levels sounds absurd, consider COT positioning, which is consistent with a sizeable countertrend (up) move. Click here to get your own COT indicator.
AUDUSD shorts have been in play since yesterday and I'm looking to 1.0310 (support 1.0305) before exiting the trade...but in anticipation of putting out a bigger short at higher levels thereafter.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.