Daily Observations: August 09, 2013
- Short AUDUSD (1/2) from net 0.9192 at 0.8960 for +232-pips; full-size position gain of +116-pips
- Short AUDUSD (1/2) from net 0.9192 at 0.9170 for +22-pips; full-size position gain of +11-pips
- Short AUDUSD from net 0.9192 at net 0.9065 for net +127-pips
Typical Time Frame: 1-day to 1-week
Even though I noted that the Australian Dollar may be bottoming after the RBA's rate cut and I said in this note a few days ago that "If the Australian Dollar is to recover, now is the time," I maintained the second half of my AUDUSD short.
Sticking with the short trade, the remaining position was stopped out this morning at 0.9170 for +22-pips (+11-pips full-size). Overall, the trade can be considered a modest success (though disappointing relative to peak gains earlier this week), garnering +127-pips overall this past week.
I am flat headed into next week but I will be looking for one last burst of strength higher for the EURUSD and GBPUSD before looking to sell.
I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 06:00 EDT / 10:00 GMT, in which I delve deeper into my positions and thought processes behind my analyses.
--- Written by Christopher Vecchio, Currency Analyst
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