We have entered into a few longer term, 18-72 hours, trades.
The bailout plan is not going to get rubber stamped, as is, and that is spooking the markets. We believe the Pound and the Aussie dollar could benefit from this, and we think they still might have a nice pop left in their rally. We have some wide stops on these trades as well as wide ultimate targets, although we will take profits, if any, before targets are hit if we see any change of trend.
So we’ve opened the following positions:
Long
GBP/USD @ 1.8595 with a wide stop off 200 pips at 1.8395 Target 1.90
GBP/JPY @ 197.10 with an even wider stop of 300 pips at 194.10 Target 202.10
AUD/USD @ 0.8382 with a stop of -150 pips @ 0.8232 Target 0.8642
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