Daily Observations: November 11, 2013
- [11/07] Short EURUSD from 1.3439, Stop at 1.3440, Target 1 at 1.3250, Target 2 at 1.3100.
- Short AUDUSD <0.9350 (last week's low), Stop at 0.9400, Target 1 at 0.9280, Target 2 at 0.9230, Target 3 at 0.9120.
- Long USDJPY: monitoring attempt at bullish break from triangle consolidation dating back to July.
The surprise in event risk at the end of the week panned out as anticipated, in so far as the ECB meeting, the 3Q’13 US GDP report, and the October US NFP report generated immense volatility in EUR- and USD-based pairs. With the 1.3440 range support breaking on the ECB, a short was taken immediately at 1.3439; and after a weekly close under 1.3400, stops have been moved to entry to curtail risk.
Concurrently, with the AUDUSD starting to lead to the downside after NFPs, I’m looking for a break under last week’s low to signal further losses through mid-November on the back of rising US yields.
--- Written by Christopher Vecchio, Currency Analyst
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