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Daily Observations: March 12, 2013

Daily Observations: March 12, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

No positions currently open.

Typical Time Frame: 1-day to 1-week

Recently Closed Positions:

- Exited Short EURUSD from 1.3035 at 1.3035 for no gain/loss.

Markets have entered a period of consolidation the past two days, with soft countertrend moves occurring in the Australian Dollar, the British Pound, and the Euro during the US session on Tuesday. Accordingly, full time frame continuity does not exist in any of the majors at present time, though my medium-term biases in AUDUSD, EURUSD, GBPUSD, and USDJPY still exist, for now.

With significant event risk on the docket the next several days, I am expecting volatility to pick back up, which should help the majors shake free of their recent ranges and allow for momentum trading once more. If not, I will remain flat into the end of the week.

As always, any other trade ideas and general macroeconomic musings can be found in the DailyFX Real Time News feed, or by following me on Stocktwits/Twitter @CVecchioFX.

I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 07:15 EST / 12:15 GMT, in which I delve deeper into my positions and thought processes behind my analyses.

--- 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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