In our opinion, the following forex trading positions are justified - summary:

• EUR/USD: none
• GBP/USD: long (a stop-loss order at 1.2139; the initial downside target at 1.2467)
• USD/JPY: none
• USD/CAD: none
• USD/CHF: short (a stop-loss order at 0.9996; the initial downside target at 0.9768)
• AUD/USD: long (a stop-loss order at 0.6751; the exit target at 0.6916)

Today's message about the Forex Trading Alerts is going to be short as Nadia Simmons is not in the position to write the regular issue in full today. Still, she is keeping an eye on market developments, and has sent in the following summary:

The euro closed yesterday modestly higher in the wake of yesterday's ECB movements. Earlier today, it's attempting a small breakout above its recent consolidation. No position is justified from the risk-reward point of view. The British pound rebounded strongly yesterday, breaking above its recent consolidation and the 50% Fibonacci retracement, The long position remains justified. USD/CHF reversal lower continues, and the short position remains justified. AUD/USD is trading close to unchanged but the daily indicators still favor one more push higher. The profitable long position remains justified from the risk-reward point of view. Apart from these, there're no other opportunities worth acting upon in the currencies. As always, we'll keep you - our subscribers - informed.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist