Position trade of the week : Long AUDUSD
February 11, 2008 – 9:35 pmNone of my short setup of AUDJPY was formed, and I don’t feel like going against Yen at the moment, so I do not try to go long as well. Instead I shift my attention to AUDUSD. Nice. I saw a long entry opportunity around 0.9040-ish level. This is a position trade, with good risk/reward ratio, around 1:4. It might be a bit too ambitious, but, who knows? Let’s see how it goes.
Here is the….No chart! I will post the chart once the position is closed.
Anyway, here is the trend score;
On the news front, RBA flags rate hikes again
The RBA’s statement on monetary policy makes it clear that inflation is rising and that the RBA is on the war path to put a lid on it, despite uncertainty in the global economy.
”On the current outlook, then, and allowing for the inevitable uncertainties in forecasting, the risk of inflation remaining uncomfortably high for some time is considerable. Absent a further shift in economic risks to the downside, therefore, monetary policy is likely to need to be tighter in the period ahead.”
From the desk of Tradergav.com
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