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Daily Observations: August 09, 2013

Daily Observations: August 09, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Flat

Closed Positions:

- 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.

Are you new to FX or curious about your trading IQ?

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 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

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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