I’ve finally sold both EUR/USD as well GBP/USD, blowing out the EUR/AUD and NZD for the piddly gain of 2% on trades entered last Thursday.
I can’t say I’m particularly thrilled with either the performance “or” the current price action as a bounce in the commodity currencies took a couple of trades off track.
There is no fundamental driver for the smaller move up in both AUD and NZD, so I will be keeping my eye on near term resistance spots, to fade.
Considering that the US Dollar “has” continued to slide as suggested – picking your trades and your pairs hasn’t been as straight forward as one would imagine, with pairs like USD/CAD just “hanging” for days on end. The European currencies the obvious winners with the big moves vs EUR, GBP and CHF.
I’m more or less back in cash now as I would rather sit “outside the market” til at least a couple of things get straight. In general it looks like this will likely stretch out til the end of the year with equities making “one more last higher high” before rolling over into a mid-term decline.
The relationship of USD falling and gold catching a bid “is” coming along, but as suggested – no swinging for the fences down here please.
Oooops….I just reloaded both EUR/USD as well GBP/USD for additional shot at further upside, and will just lettem do their thing.