I sold AUD/USD, cable and EUR/USD on Friday and although I was a bit nervous over the weekend that we could see news out of Spain driving risk trades higher, this didn’t eventuate and I think these trades are looking promising.
I will be looking to build both the cable and AUD/USD short positions over the next few days but I’m less bearish on the EUR/USD and am only looking for a quick 100 pip profit there. If cable tops out near 1.6300 then we will see 1.58ish very quickly in my view. The AUD/USD wedge that I mentioned earlier also gives me quite a bit of confidence and I think we’ll see 1.0250 later this week with the RBA meeting looming into view.