Daily Observations: May 15, 2013
Recently Closed Positions
- (05/13) Short AUDUSD (1/2) from 1.0150 at 0.9980 for +170-pips.
- (05/13) Long USDJPY (1/2) from net 100.07 at 102.00 for +193-pips.
- (05/14) Short AUDUSD (1/4) from 1.0150 at 0.9900 for +250-pips.
- (05/15) Short AUDUSD (1/4) from 1.0150 at 0.9860 for +290-pips
- (05/15) Long USDJPY (1/2) from net 100.07 at 102.000 for +193-pips.
- Closed Short AUDUSD for net-gain +220-pips.
- Closed Long USDJPY for net-gain +193-pips.
Typical Time Frame: 1-day to 1-week
Both the short AUDUSD and long USDJPY trades were closed out today. The AUDUSD trade matured nicely, hitting my final $0.9860 target (ascending TL off of Oct'11 and Jun'12 lows, weekly 200-SMA) and has since rebounded firmly. I'll be looking to resell a rally towards 0.9940, and price shouldn't exceed 1.0030/60 if the downtrend is to remain over the coming weeks.
The USDJPY trade, on the other hand, was cut short amid a steeper than expected pullback, but +193-pips were retained so at this point it's about timing the reentry for a continuation into 103.30. Be sure to follow my Twitter on the DailyFX RTN (links below) to get my latest and most timely trade updates.
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. [View the archive of my most recent webinar here]
--- Written by Christopher Vecchio, Currency Analyst
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