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Forex Flash: Move AUD/USD stop level – Nomura

Nomura Strategist Geoffrey Kendrick believes that it is time to move the stop on AUD/USD long positions.

He went long on January 17th in search of a medium term move to fresh highs, based on a combination of the rebound of iron ore and LNG prices, supranational bond issuance and passive intervention. Because all of these factors are still in place, he is continuing with his position for the medium term. He writes, “What has mostly hurt us has been continued strength in EUR crosses, something we think is close to ending. As a result he has decided to hold onto his long position, rather than being stopped out today at 1.0300. His new stop level is 1.0200.

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