News Column

Forex Strategy: Holding AUD/USD Short as NFP Looms

June 6, 2014

Ilya Spivak

I entered short AUDUSD at 0.9328, initially targeting 0.9201, after prices broke below support at the bottom of a rising channel set from late January. Recent gains look corrective and I am expecting the upcoming US jobs to help rekindle selling.

With that in mind, I will continue to hold the trade. A stop-loss has been set to activate on a daily close above 0.9408. I will book profit on half of the trade at the first objective and trail the stop-loss to breakeven on the remainder of the position.

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Source: DailyFx

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