First month calender month and 2-3 weeks of trading ended with a gain of around 1%.

Markets have been slow due to summer doldrums, and many of the trades were attempts at getting in on longer term trades.

As of now, three positions are open:

AUDJPY: A shorter term trade, the analysis indicates that the trade has potential to develop in to a profit of a bit over 300 pips. That would be a profit of about 2%, or more if the position size is increased. The plan thereafter would be going short the Yen, but likely in some other Yen-pair.

EURAUD: A longer term trade, where the analysis suggests the upside potential could be over 5000 pips. The first aim is to get the stop loss to break even, and from there add to the position as the uptrend developes.

EURNZD: This trade is very similar to the long position in EURAUD. It is a longer term trade where the intention is to expand the position size over severall month's or years.

Both AUD and NZD have a positive correlation with equity's and commodities, they are so called risk-on currencies. According to EMAFX's broad view on the economic picture, the risk-on trade is about to come to a very abrupt end, making AUD and NZD prime candidates for shorting. This also lines up with sentiment indicators from all over the world showing excessive optimism, one of them being extremely high debt levels.