Short EUR/USD (From 5-Mar to 6-Mar)
Stopped out on 6 Mar
Real-Time AmpGFX – Sold EUR/USD (Mon 3/5/2018 9:57 AM MT)
Sold half unit EUR/USD at 1.2334
Comment
EUR has bounced significantly since the US announced tariffs.
However, the tariffs pose risks to European steel producers and point to more aggressive USA trade policy that poses risk to European exporters.
Recent Euro economic surveys shows some moderation in growth momentum, In contrast, US economic momentum and confidence appears to have improved to a new cyclical high.
USD/JPY may be finding support towards the 105 level, and a firmer USD/JPY could spill over to some broader USD strength.
The Italian election outcome points to weaker economic confidence in Italy.
We see an opportunity to place a relatively close stop in the EUR on charts.
Positioning reports still suggest that the market remains very net long EUR.
Positions
Short one unit AUD/USD at 0.7796; s/l 7787; t/p 0.7658
Short one-third unit TYM8 at 120-10; s/l 120-23+
Long ¼ unit Gold/AUD at 1698.65; s/l 1692.47 (raised from 1679.47)
Short ¼ unit CAD/JPY at 82.81; s/l 82.67 (lowered from 83.77)
Short half unit EUR at 1.2334; s/l 1.2417; 1.2028