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Daily Observations: November 9, 2012

Daily Observations: November 9, 2012

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Long AUDJPY from 82.08, Stop at 81.60, Target 1 at 82.95, Target 2 at 83.75

- Long EURUSD from 1.2720, Stop at 1.2620, Target 1 at 1.2790, Target 2 at 1.2960

- Long GBPUSD from 1.5975, Stop at 1.5895, Target 1 at 1.6060, Target 2 at 1.6160

- Long EURCHF from 1.2018, Stop at 1.1990, Target 1 at 1.2500, Target 2 at 1.2750

Time Frame: 1-day to 1-week

Pending Positions:

- Pending Long USDJPY daily close >80.65

I’m overweight risk right now as markets have come off quite quickly the past several days, and are now nearing major levels of support. In the S&P 500, I like being long ahead of 1355, where there’s a confluence of key levels: ascending channel support off of November 2011 and June 2012 lows; the November monthly S2; former swings highs; 50% Fibo on recent bull run over past year.

Furthermore, I’m seeing the pairs covered above coming into some oversold readings on hourly and 4-hour charts, into weekly and monthly pivot levels. I’m playing this potential bounce light across the board given my exposure biased in the same direction, but as long as Gold keeps rising, I’m not too concerned about US Dollar strength coming around to truly damage these positions.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.