Short AUD/USD (21 to 27 Sep)
Closed at Take-Proft level on 27 Sep
Real Time AmpGFX – sold half unit AUD/USD / s/l orders raised on GBP/JPY and USD/JPY (Thu 9/21/2017 1:21 PM MDT
Sold half unit AUD/USD at 0.7929; s/l 0.8017; t/p 0.7840
Comment
Chinese construction and property market data is weaker and appears to be dragging down metals prices
Australian housing market data is getting softer.
Australian equity market is under-performing global markets
RBA in no rush to raise rates. But rates curve has steepened up recently, and scope for further rises is limited.
The US yields tending to rise.
Net long position in CFTC data was at its longest last week since 2013. The market may have got longer this week ahead of the FOMC, and caught out a bit by its fall in the last day.
A risk in this trade is that EM has been strong, and global growth indicators remain buoyant. This may tend to lift EM markets and support the AUD. This might argue for a cross trade vs. an Asia currency.
The election this weekend in New Zealand remains up in the air. It is possible that a strong National performance could help lift NZD and the AUD to some extent.
Positions
Long one unit GBP/JPY at 147.55; s/l 150.73; t/p 157.45 (s/l raised)
Long half unit USD/JPY at 111.52; s/l 111.73; t/p 114.25 (s/l raised)
Short half unit AUD/USD at 0.7929; s/l 0.8017; t/p 0.7840