I am still holding my long positions of Aussie pairs. Looking at the chart , we are approaching resistance area which is the combination of previous high and 50-day moving average. Aussie dollar managed to close above 200-day moving average most of the week.
Well, I am still stubborn. Long Aussie at the moment. Have a good weekend ahead. It spring in Melbourne. What a beautiful Saturday!
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I would say that these trades are discretionary. Maybe you can say I am bottom fishing, but I have no idea about where is the bottom. I am just being bullish about Aussie dollar at the moment.
I am currently long AUDUSD, USDSGD, USDJPY, AUDJPY. I opened these positions since starting of Asian session yesterday. We saw a wild swing throughout the day and all positions are in the money at the moment.
I am watching the market closely. And these trades should last for days if not weeks. In addition, I am having the advantage in term of interest payments for these long positions.
Let’s see how it goes. I am still trying to refine my trading strategy.
SINGAPORE (Thomson Financial) – The Monetary Authority of Singapore (MAS) said domestic inflationary pressures remain well-contained and do not require a change in its monetary policy.
‘Abstracting from the one-off effects of the goods and services tax (GST) hike (from 5 percent to 7 percent), underlying inflationary pressures remain generally well-contained for the current advanced stage of the business cycle,’ MAS said in a statement.
The Singapore government continues to expect inflation to come in within its 1-2 percent target for this year despite a recent spike in consumer prices. The consumer price index rose an annual 2.6 percent in July as the GST hike took effect.
‘MAS’ monetary policy stance of a modest and gradual appreciation of the Singapore dollar nominal effective exchange rate (NEER) policy band remains in place. MAS will continue to monitor closely the price and cost developments in the economy and review the policy stance in October 2007,’ MAS said.
The MAS manages the Singapore dollar NEER against a basket of trade-weighted currencies.
Original article here.
With the strong (and overly strict?) government in place, Singapore dollar is always my favorite when considering some long term low risk way of parking some of my savings. One of the big catch to me is that the monetary policy of Singapore is centered around the exchange and the MAS steps in to curb the volatility.
And here is another idea that suggest Singapore Dollar May Fund Carry trades.
Winter doesn’t seem to be over yet for Aussie dollar. It takes another week or so to see if a higher low can be formed and resume it’s uptrend. It just failed to close above 200-day moving average, while weekly, it is stuck between the zone 20-week and 50-week average. I am not turning bearish right away, though it does look ugly for bulls now. I am watching the support around the area of 0.865.
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I did not manage to make a single trade this week. The increase of workload and stress level, kept me in a bad condition for trading. I missed to sell off of Aussie dollar this week. However, I am now considering to increase my long term Aussie dollar holding. Though the rebound might not happen immediately, it seems to be a bargain to me now. Well, let’s see how it goes.
Asian stocks market was having some wild ride as well. I am checking out my stocks position now. I have long positions in Singapore stocks market. Not too much, so far, the performance is better than my savings account in bank now.
I certainly do not like the stress and the tiredness that my current job has given me. But well, to be frank, for the sake of money, I have to find a way to deal with them. Do I sound like a modern slave? I guess I am.
Not a great day for me. Extremely busy working day and my profitable long position of Aussie and short position of loonies are stopped out. Oh well, if only I can monitor the position closer, I would have a better exit. I am flat or maybe slightly down for the week.
SINGAPORE (Thomson Financial) – The Monetary Authority of Singapore (MAS) said domestic inflationary pressures remain well-contained and do not require a change in its monetary policy.