For the other side of the trade, Gordon told CNBC's Scott Wapner he is eyeing the Australian dollar. He points out that the central band has cut interest rates sharply this year, to the tune of 175 basis points, and "technically speaking, Australia is really kind of begging to be sold." He said the currency is in a long-term consolidation pattern.
"FX traders like me are dying to sell this kind of long-term consolidation up around this 1.05 level."
Gordon wants to sell the Australian dollar against the U.S. dollar at 1.0525, setting a stop at 1.0625. As for a target, "don't be greedy," he said. "At about 1.0300 we can ring the cash register."
Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30 p.m. EST and repeats on Saturdays at 7 p.m. EST
Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class.
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