Short term
Trade view / 09 February 2016 at 14:31 GMT

#SaxoStrats. UPDATE: Taking partial profit on AUDUSD position

Head of FX Strategy / Saxo Bank
Denmark
Instrument: AUDUSD
Price target:
Market price:
SaxoStrats
 
US Federal Reserve chief Janet Yellen's semi-annual testimony to Congress tomorrow and Thursday could introduce considerable volatility to USD pairs, and the USD is weaker in places today.
  
So we are taking partial profits of around 100 pips on half of our AUDUSD short initiated yesterday (previously updated here) just below 0.7000 rather than holding out for our more aggressive first target. We are also lowering the stop on the second half of the position to 0.7077 from 0.7110. But we leave the second target unchanged at 0.6860.


— Edited by John Acher

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