We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • White House Economic Advisor Hassett says some workers going back to their jobs is building confidence $DXY $SPX
  • Gold Price Outlook: XAU Overbought as Cycles Drive the Bullish Trend https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/05/28/Gold-Price-Outlook-XAU-Overbought-as-Cycles-Drive-the-Bullish-JS-Trend.html $Gold https://t.co/ntbvPQTHF9
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.34% Gold: 0.26% Oil - US Crude: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yvJX18QY14
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in US 500 are at opposite extremes with 74.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/l7878VS4m7
  • As long as this moves forward, the verbal (Twitter) threats of action between the US and China will garner less and less actual market movement https://t.co/pvGOJuAG4N
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.99% Wall Street: 0.76% FTSE 100: 0.08% France 40: -0.03% Germany 30: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/f3oAYUPoEj
  • White House Advisor Kudlow says phase-one deal with China is still planned to move forward $FXI $SPX
  • White House Advisor Kudlow says "big mistake" for China going into Hong Kong - BBG
  • The S&P 500 is approaching secondary breakout targets up here and the rally may be vulnerable heading into uptrend resistance. Get your S&P500 technical analysis from @MBForex here: https://t.co/21a20ql6RH https://t.co/elk1mcR4UM
  • U.S. House passes bill expanding the PPP loan program rules $SPX
Daily Observations: December 17, 2012

Daily Observations: December 17, 2012

2012-12-17 11:00:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Current Positions:

- Short AUDJPY from 88.83, Stop at 89.20, Target 1 at 87.60

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

- Short EURJPY from 111.10, Stop at 111.20, Target 1 at 109.75, Target 2 at 108.60

- Short USDJPY from 84.15, Stop at 84.35, Target 1 at 83.50, Target 2 at 83.20

Recently Closed Positions:

- Exited Short AUDUSD (3/4) from 1.0582 at entry for 0.0-pips

- Exited Short EURUSD from 1.3103 at 1.3130 for -27-pips

- Closed Long USDJPY from 80.65 (1/2) at 84.15 for +350-pips

Time Frame: 1-day to 1-week

If you were following me in the Real Time News feed yesterday when markets reopened, I was advocating Yen strength following the election, at least for a few days, for a few reasons. First, a major event like this with a respectable rally ahead of it, to me, screams 'buy the rumor, sell the news.' Second, the AUDJPY, EURJPY, and USDJPY had all traded into areas of former highs; there's little reason to believe that major technical levels would be revisited without buying/selling interest returning to the market. Finally, and perhaps most important, net non-commercial futures positions show that the market is the most short the Japanese Yen since July 2007. In sum, looking for a rebound in the Yen ahead of the Bank of Japan's meetings this week offers an interesting set of circumstances.

Considering the momentum behind the Yen's depreciation, these trades are very short-term in nature, and accordingly, I am keeping my Stops very, very close on these positions. I will be looking to move the Stops up to the various entries in order to keep these trades risk free, just in case of unforeseen Yen weakness, despite the conditions listed above.

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

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

DISCLOSURES

News & Analysis at your fingertips.