Re: Back to the well once more...long dollar
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Ok, looks like the 1.50 level held. Time for some profit.
Looking like the dollar may come back and test the 1.45 level. I lightened up a little on Friday afternoon, but still got 6 lots.
Also, looking to get in on the AUD/JPY pair if it drops back toward 96.00. Anyone got any advice on this pair? I'm not really familiar with it, but I've been researching it this week. If the dollar starts weakening substantially, commodities should benefit. Commodity stocks have looked pretty strong this week. Even if US slows, commodities should still be in demand worldwide. Interest rates in Aus don't look to be coming down anytime soon.
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AUDJPY is a classic carry trade whose interday movements are determined almost entirely by the level of risk aversion in the investor community. If you think global equity markets in for some more rough times, do not buy AUDJPY.
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