Some trades are obvious. Selling US dollar
against Australian Dollar
and New Zealand Dollar
is one of them. And now since Fed is out of the way, we can cautiously dabble into EUR/USD
long too. There was no surprise in Fed decision after FOMC yesterday and everybody in the town knew that. You can say that by reading the price action of USD pairs before the FOMC. Everything was up because of front running FOMC. And as soon as the news came out, fast money took some profit and thus the pullback in those pairs.
Now we are back to US dollar
selling mantra and looking for good levels to get in or add to our existing positions in case of AUD/USD
, break of 1.1300 is needed before we put more risk into the trade. Until that happens, we are happy to trade EUR/USD
with long bias. Initially we would like Euro
to hold 1.1240 / 1.1220 on pullbacks.