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USD to Gain on Fiscal Tension – Dec 20

December 20, 2012

LATE UPDATE
GMT 4;10 (Subscriber) sir boj expands monetary policy.. shall buy usd/jpy here or wait??
GMT 4:11 – view is unchanged……….
GMT 10:41 (Subscriber) sir if euro breaks 1.325 level next level?
GMT 10:48 -EURO @ 1.3247 = should hold around 1.3260-65 or else 13290
GMT 13;10 (Subscriber) sir view about euro remain same or change?
GMT 13:16 – EURO @ 1.3245 =if you went long EURO around 1.3260-65,be quick to book your profit as market will remain directionless in thin condition. Do not wait for big moves and do apply Stop loss if hit…………..
GMT 13:41 (Subscriber) sir in gold
GMT 13:43 Enjoy and take profit………..Cheers
GMT 13:55 (Subscriber) sir still u see euro up ?
GMT 13:57 – just keep in mind that in thin market condition samll orders do matter. Euro should beprobing the top now, today’s max could be 1.3310 unless there some sort of news realease or large order……
GMT 14:01 (Subscriber) sir buy gold if come 1648 what to do
GMT 14:03 – Buy and sit with patience, but market could be choppy. If gips could test $ 1642-48 zones before up……………
GMT 14:27 (Subscriber) sir should euro buy at 1.3250 if seen ?
GMT 14:43 – unless you are too keen to trade. I would prefer avoiding position taking as fiscal cliff temperature will rise, which could result either way move depending on the nature of news flash. But again its up to you to decide…….
GMT 14:47 – AUD @ 1.0468 = if you have pciked the top book your profit around 1.0462-68
GMT 15:05 – OK pals, thats all for the day. Nothing to suggest. Prefer to stay square…………
Cheers until tomorrow………..

===============
GMT 3: 11 – Euro @ 1.3221 = US fiscal cliff seems to have reached a difficult stage as the climate of goodwill as suddenly vanished, the two US leaders are unwilling to reach a compromise after making some initial adjustments and now Republican leader plans to table Plan “B” on Thursday that would counter Obama’s plan of taxing on income of USD 400.000 plus, which was compromise offered by Obama from his initial proposal of taxing income above quarter of a Million US Dollar and instead tax will be hiked on income over USD 1 million. While House spokesman has already said Obama will veto Speaker Boehner’s plan. Passing of deadline in next 11-days means expiry of USD 600 billion tax hike and spending facility.
Traders have forgotten Greece relief, better German confidence data and Spanish and Italian bond recovery, as sentiment in last 10-hours has certainly shifted towards developments in USA on cliff tension. We are witnessing nervous market condition. Socks, currencies and gold eased, US bond market gained mildly. I am expecting present trend to continue until New York before we get more clues.
EURO @ 1.3221 = Though choppy market condition will be seen during the day, but I am not expecting move much beyond 1.3250 and I will not be surprised to see a fall from current levels. Only break of 1.3290 will see shift in mood as I see risk for a test of of 1.3170-80 zones with possibility of test of 1.3155
GMT 3:29 – GOLD @ $ 1668 = As long as $ 1674-75 hold see risk for more losses, break of $ 1658 could see a push towards $ 1648-50
GMT 3:25 – JPY @ 84.25 = As long as 84.60 is protected see risk for Japanese currency to make gains break of 83.90 will encourage for a a test of 83.50-60 zones.
GMT 3:22 – AUD @ 1.0472 = Likely to hold below 1.0510, but will find support around 1.0420-30 zones.
GMT 3:18 – GBP @ 1.6250 = Top around 1.6275-80. i am expecting a dip to 1.6210 with possibility of more losses. Apply Stops if 1.6310 breaks

DISCLAMER : The commentary/information presented is not intended for trading purpose. The idea is to exchange views with the members/readers. Therefore, I accept no responsibility or liability for any losses incurred due to position taking.

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