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Daily Observations: December 13, 2012

Daily Observations: December 13, 2012

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Short AUDUSD from 1.0582, Stop at 1.0630, Target 1 at 1.0515, Target 2 at 1.0460, Target 3 at 1.0415

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

- Short EURUSD from 1.3085, Stop at 1.3130 (daily close), Target 1 at 1.3030, Target 2 at 1.2950, Target 3 at 1.2880

- Long USDJPY from 80.65 (1/2), Stop at 82.05 (daily close), Target 2 at 83.30, Target 3 at 84.00

Recently Closed Positions:

- Exited Short EURUSD from 1.2975 at 1.3030 for -55-pips

- Exited Short NZDUSD (1/2) from 0.8379 at 0.8405 for -26-pips

Time Frame: 1-day to 1-week

The past few days I've said: "sell US Dollar strength ahead of the Fed meeting tomorrow, in particular against high beta (AUD, CAD, NZD)...I will be looking long USD following Chairman Bernanke's press conference, as I imagine that the AUDUSD (1.0610/30), EURUSD (1.3110/30), and S&P 500 (1435) will be near key resistance levels."

The US Dollar has indeed rebounded, but the move has been shallow and uninspiring (but for against the Japanese Yen). Accordingly, my bias holds although these trades might be cut short; I think it is possible for a rally in high beta currencies and risk-correlated assets into yearend.

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

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