It was a choppy week of trading but the best overall trade was short EUR/AUD. The pair bounced 80 pips today but is still down 140 pips on the week.
You might remember that last week, long EUR/AUD was the best trade. Here is what I wrote then (at 1.2810):
There is scope for a pullback to 1.26 and that would be a solid entry point but might be overly optimistic. The upward momentum in this pair is likely to continue as speculators exit large EUR shorts and AUD longs.
I said the 100-week moving average was the target and that remains the case.
Looking back at the week as a whole, it was a chance to take advantage of similar pullbacks/consolidation. Expect some better trends to develop in the next week or two.