This week fundamental news will be decisive. Im closing my long positions on the GBPAUD with some profits. Just like the GBPNZD and GBPCAD my long term is very bearish on this pair. Commodity currencies are getting stronger ( AUD, NZD,CAD) and the GBP is extremely overbought. I expect no rate cut for the AUD today, so the AUD will get stronger. The possible GBP rate hike is too far. Technically, we have a candle close below the key level 1.1500. Macd is showing bearish momentum. Not one of my prefered technical setups, but i do not want to miss this trade.
Warning: trading before rate news is highly risky. My trading style could be not suitable for all traders. In this case i prefer to trade with no stop loss and manually manage the trade during the news.
Comments
gbfx9
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so, what do we do now, which currency pair is the best.
FullTimeTrader
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Hello, we must think quickly, im already short here and short the gbpnzd, the gbpcad is already gone. As traders it is our work to take decisions. Regards.