Trading ideas: Profit taken on GBP/USD long

EUR/USD was flat on Friday. We took profit on our GBP/USD long trade and will be hunting for lower levels to buy this pair again, unless the market picture changes.

We don't see a fundamental reason for a continuation of USD/JPY rise and will be looking for an opportunity to open a short position there.

Our AUD/USD long is progressing, but Friday's long upper wick could be worrying.

 

This is how MyFXspot.com trades:

EUR/USD

Trading strategy: Long

Open: 1.2220

Target: 1.2470

Stop-loss: 1.2220 (raised from 1.2140)

Recommended size: 2.50 mini lots per $10,000 in your account

Short analysis: We target near the March high. Daily RSI is biased down so this correction might extend a bit. The long lower wick on the monthly candle bolsters our bullish view.

GBP/USD

Trading strategy: Buy

Open: 1.4170

Target: -

Stop-loss: 1.4040

Recommended size: 1.54 mini lots per $10,000 in your account

Short analysis: Profit taken on Friday at 1.4270. We earned 260 pips and $353.60 per $10,000 in your account. Our trading idea is to buy on dips. We have placed a new buy order at 1.4170 with suggested size of 1.54 mini lots.

USD/JPY

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: The USD/JPY broke above last week's 107.49 high and 107.52, 50% Fibo of 110.48-104.56 fall, which are support levels now. On the other hand, we do not see a fundamental reason for a significant upward move and will be looking for an opportunity to open a short position here.

 

USD/CAD

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: The USD/CAD is still fluctuating near 1.2600, where we took profit on our latest short position. In our opinion medium-term outlook remains bearish and we will be hunting for higher levels to open another short position here.                                                                                

AUD/USD

Trading strategy: Long

Open: 0.7660

Target: 0.7880

Stop-loss: 0.7700 (raised from 0.7555)

Recommended size: 1.43 mini lots per $10,000 in your account

Short analysis: AUD/USD long is progressing, but today's long upper wick could be worrying. We've locked in profit at 0.7700.

 

EUR/GBP

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: Bear sentiment increases as the pair breaks out of its broad consolidation phase and below the and sets a new trend low 61.8% Fibo of 0.8305-0.9307. A new low is set and RSIs suggest further losses are due. But in our opinion a short position at current levels would be a risky trade.