Short AUDUSD - USD Oversold heading into CPI Data
Market is Net Sell USD, thinking it's probably will miss the CPI data despite the base expectation of a beat. Now actually I think it does even need to beat the expectation rather just an on target outcome will be enough to send the USD higher.
We just had the GBP release which are very good. Eventhough the vote was Neutral as expected, there was hint of BOE being closer to cutting down on their QE. Thus despite being the most over-extended I'd rather not go Short GBPUSD and instead choose AUDUSD to express my view. Again, this is the next most oversold USD pair and I think the early morning AUD is pretty much baked in and should be disregards.
I entered Short at ard 0.8. My stop is above 0.818 and TP is depend on the intial re-action but I'd love to reach 0.7955
We just had the GBP release which are very good. Eventhough the vote was Neutral as expected, there was hint of BOE being closer to cutting down on their QE. Thus despite being the most over-extended I'd rather not go Short GBPUSD and instead choose AUDUSD to express my view. Again, this is the next most oversold USD pair and I think the early morning AUD is pretty much baked in and should be disregards.
I entered Short at ard 0.8. My stop is above 0.818 and TP is depend on the intial re-action but I'd love to reach 0.7955