Closing out AUD, EUR longs at small profit

3.55 bst

I have closed my AUDUSD long trade at 1.0323, +3 pips.

Also closed the long EURUSD at 1.3062, +6 pips.

Now only holding long USDJPY from 98.44.

Since Wednesday the markets have been in a frustrating, choppy range, the kind of markets that most of us hate. If I knew markets would be like this I would take a holiday. But after the gold pyrotechnics of last Friday / Monday, we’re all primed for more action. And the market inevitably does the opposite of what most traders expect. I had just decided to close all my trades near B-E if I got the opportunity. Fortunately the market started moving just as I was about to take losses in AUD and EUR. Luckily I’ve got out at a small profit.

I expect the AUD will go higher, but the price action is so bearish I won’t be surprised if we see a waterfall drop in this pair at some point soon. I am just not comfortable holding this long now.

The Euro looks strong but has too many cross currents with European politics and leaders speaking all over the place. I feel we may keep moving in choppy ranges until the ECB meeting next month.

The UJ definitely looks very well bid. It should take another shot at 100 soon, maybe as early as late Friday.

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