EURAUD
Updated
I like shorting EURAUD here.
We've got a top forming around the level we were at before russia and ukraine and the rise in commodities earlier in the year - should act as a pivot.
VIX is pointing much lower, china stocks are rallying on reopening rumours - quite telling that they didn't fall from comments over the weekend from officials that the covid rules are staying. Bullish china assets on reopening narrative for 2023 is going around and i think we could see early signs of this continuing as people take profit on their positions for the end of the year.
natgas and copper are rising which is good for AUD which should support the trade.
sentiment and positioning is extremely high as well so lower also makes sense to me based on this.
Not trading/investment advise, feedback welcome
We've got a top forming around the level we were at before russia and ukraine and the rise in commodities earlier in the year - should act as a pivot.
VIX is pointing much lower, china stocks are rallying on reopening rumours - quite telling that they didn't fall from comments over the weekend from officials that the covid rules are staying. Bullish china assets on reopening narrative for 2023 is going around and i think we could see early signs of this continuing as people take profit on their positions for the end of the year.
natgas and copper are rising which is good for AUD which should support the trade.
sentiment and positioning is extremely high as well so lower also makes sense to me based on this.
Not trading/investment advise, feedback welcome
Note
gonna resell more at 1.5629, i think this move higher is noise from the crypto move lower so i don't think the pair should be this highNote
taken both trades out for breakeven and placed the trade again at 1.55526 with stop loss at 1.57816
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