FX Futures Edge Nov 14
Richard Rhodes | Nov 16, 2011 02:17AM ET
To that end, our new stops are as follows:
1. EUR/USD – currently 1.3626; stop at 1.3791
2. EUR/CAD – currently 1.3877; stop at 1.3980
3. AUD/CHF – currently .9253; stop at .9064
If we look to take another position, then our propensity lies in putting on a long Pound Sterling position given the developing bullish consolidation. Today, we find GBP/USD correcting fairly substantially, but if it can recover…then our thoughts are to be buyers on a breakout above the 1.6092 level.
FOREX / CME RECOMMENDATIONS
1.) LONG: Aussie Dollar /Swiss Franc Cross (AUD/CHF) — 1 UNIT: We recommended a long AUD position on 11/4 at 1.0364 (CME: 1.0315). Yesterday, we added a short CHF position at .8931. (CME: 1.2010). This brings us to a long AUD/CHF cross at .9256 (CME Spread: -16.75). We are modestly lower on the cross, but look for it to work its way higher in the weeks ahead.
2.) SHORT: Euro (EUR/USD) — 1 Unit: We recommended a short position on 11/9 at 1.3595 (CME: 1.3600). The recent foray higher into the 200-dma failed, with lower lows expected in the heel of the Italian debt crisis ramping up.
3.) SHORT: Euro / Canadian Dollar Cross (EUR/CAD) — 1 Unit: We recommended a short cross position on 11/9 given the rally in the cross has reached upwards into overhead resistance of the 50-dma/100-dma/580-dma cross. Thus far, it is proving its merit, but more importantly — our 40-day model is turning lower. We’ll mark our position at 1.3836.
NEW RECOMMENDATION:
1.) British Pound (GBP/USD) — 2 UNITS: Buy on a breakout about 1.6092 (CME: 1.6089).
For a full report, see attached pdf.
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