The USD has been weighed down by a variety of factors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back easy monetary policy. Traders' confidence in the dollar has also been eroded by mounting worries over the United States' twin budget and current account deficits. Our USD-bearish strategy is in good shape with many positions well in profit already.
This is how our forex trading strategies look like:
EUR/USD
Trading strategy: Long
Open: 1.2220
Target: 1.2590
Stop-loss: raised to 1.2380
Recommended size: 2.00 mini lots per $10,000 in your account
Short analysis: The EUR/USD broke above January 25 high at 1.2536 on Friday. Weeklies are strong and keep the longer-term outlook clearly to the upside. Profit locked in at 1.2380.
Previous position: Long opened at 1.2050, profit taken at 1.2400, earned: 350 pips, $466 per $10,000 in your account
GBP/USD
Trading strategy: Long
Open: 1.3780
Target: 1.4200
Stop-loss: raised to 1.3980
Recommended size: 1.36 mini lots per $10,000 in your account
Short analysis: Sterling has also joined the bandwagon of major currencies recovering against the US dollar on the back of diminishing risk aversion. Profit locked in at 1.3980.
Previous position: Long opened at 1.3650. Profit taken at 1.4100, earned: 450 pips, $450 per $10,000 in your account
USD/JPY
Trading strategy: Sell
Open: 107.80
Target: -
Stop-loss: 109.30
Recommended size: 1.43 mini lots per $10,000 in your account
Short analysis: The USD/JPY fell to new trend low at 105.55 and looks oversold on dailies. Our trading strategy is to sell on upticks.
Previous position: Short opened at 110.00. Profit taken at 107.50, earned: 250 pips, $304 per $10,000 in your account
USD/CAD
Trading strategy: Short
Open: 1.2650
Target: 1.2300
Stop-loss: lowered to 1.2600
Recommended size: 1.68 mini lots per $10,000 account
Short analysis: The USD/CAD fell below 7-day ema and 14-day ema lines, both negatively aligned. This suggests that the short-term momentum is bearish. Rather hawkish comments from Schembri supported our view. Profit locked in at 1.2600.
Previous position: Short opened at 1.2650. Profit taken at 1.2300, earned: 350 pips, $475 per $10,000 in your account
AUD/USD
Trading strategy: Long
Open: 0.7785
Target: 0.8100
Stop-loss: raised to 0.7800
Recommended size: 1.58 mini lots per $10,000 account
Short analysis: The AUD hovered near two-week highs on Friday, bolstered by stronger commodity prices and a positive outlook for global growth. The bullish momentum remains intact.
Previous position: Long opened at 0.7670. Profit taken at 0.7990, earned: 320 pips, $480 per $10,000 in your account
EUR/GBP
Trading strategy: Long
Open: 0.8865
Target: 0.8995
Stop-loss: 0.8800
Recommended size: 1.66 mini lots per $10,000 account
Short analysis: Bid filled at 0.8865.
Previous position: Short opened at 0.8850. Profit taken at 0.8810, earned: 40 pips, $120 pips per $10,000 in your account
Source: MyFXspot.com