Daily Observations: November 14, 2012
- Long EUR/USD from 1.2720, Stop at 1.2620, Target 1 at 1.2790, Target 2 at 1.2960
- Long EUR/CHF 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 Long USD/JPY daily close >80.65
Recently Closed Positions:
- Closed Long AUD/JPY from 82.08 at 82.80 for +72-pips
- Exited Long GBP/USD from 1.5975 at 1.5895 for -80-pips
Yesterday I took a short AUD/CAD based on both the hourly and 4-hour RSI coming into overbought territory at the weekly R1 at 1.0455. With risk-aversion increasingly prevalent, this fundamentally is sound as well given the shift from high yielding currencies into low yielding currencies as concerns develop.
--- Written by Christopher Vecchio, Currency Analyst
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