After a week away with no phones or internet I am able to take an unemotional view of the market, at least until my first intraday punt! USD/JPY is in a 92-102 range as we have been saying for months and we are now back in the middle of this range. Leave alone! EUR/USD is also tending towards the middle of its medium term 1.29/1.38 range and I have no real view here. My preference is to wait for an exhaustive rally and then sell. I still like the AUD on the crosses but when we first started touting this play the AUD/USD was at 63 cents so you are getting much less value now for long positions. Buy deep dips is still the play.
Not much has changed so my favourite trade for the next few weeks is short EUR/GBP. I am looking to sell rallies towards .92 for a move to .85 and ultimately lower.
