- EUR/USD: short (a stop-loss order at 1.1878; the initial downside target at 1.1343)
- GBP/USD: short (a stop-loss order at 1.3256; the initial downside target at 1.2923)
- USD/JPY: half of the long positions (a stop-loss order at 112.47; the next upside target at 114.03)
- USD/CAD: none
- USD/CHF: none
- AUD/USD: none
Today’s Forex Trading Alert is once again going to be very brief as nothing really changed as far as the outlook is concerned. The USD index was basically flat yesterday and the quick pause here is quite natural given the size and shape of the preceding upswing. The USDX moved higher relentlessly for several days, so a day of weaker performance is normal and doesn’t change anything.
The positions that we have in the EUR/USD, GBP/USD, and USD/JPY remain justified from the risk to reward point of view and are likely to become even more profitable in the coming days and weeks.
Thank you.
Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager
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