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Daily Observations: January 18, 2013

Daily Observations: January 18, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Short AUDUSD from 1.0540, Stop at 1.0520 (locked-in +20-pips), Target 1 at 1.0470, Target 2 at 1.0400

- Long EURCHF from 1.2018 (1/2), Stop at 1.2218 (locked-in +200-pips), Target 1 at 1.2500 HIT, Target 2 at 1.2750

Recently Closed Positions

- Closed Long EURCAD from 1.3155 at 1.3190 for +35-pips

- Closed Long EURCHF (1/2) from 1.2018 at 1.2500 for +482-pips

Time Frame: 1-day to 1-week

The Long EURCHF trade continues to work out, finally hitting my first target at 1.2500 after a very patient 11 months. My Stop has been moved up accordingly to lock-in +200-pips. I'll monitor this one closely if the pair reverses off of 1.2500 too quickly. I anticipate rebuying the EURCHF lower.

The Short AUDUSD position continues to trade favorably as market participants proved uninspired by well-telegraphed 4Q'12 Chinese GDP figure last night, and the US Dollar strength that is burgeoning alongside equity market strength could prove to weigh on the pair. I'm looking lower, but with the downtrend from overnight close to breaking, I've moved up my Stop with intent to resell a run at the highs this week.

Read my thoughts on the Japanese Yen 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

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

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