Current Positions:
- Short AUD/CAD from 1.0455, Stop at 1.0540, Target 1 at 1.0310
- 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 Positions:
- 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.
I’m also maintaining my long EUR/USD position, with no daily close below 1.2620. So far, it has stuck within the parameters of my expectations, so there is no change in the plan here.
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 cvecchio@dailyfx.com
Follow him on Twitter at @CVecchioFX
To be added to Christopher’s e-mail distribution list, please fill out this form
