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US Dollar to trade in narrow range – Jan 09

January 9, 2013

LATE UPDATE…………………..
GMT 6:16 – GOLD @ $ 1663 = Book your profit around $ 1663-65 and go short around $ 1665-67 with STOPS $ 1671…..Cheers
GMT 11:59 – EURO @ 1.3049 = Book your profit around 1.3043-49…..Cheers
GMT 12:00 – GBP @ 1.6027 = Book your profit around 1.6022-27…Cheers
GMT 12:05 – GOLD @ $ 1660.90 = Book your profit around $ 1659-61.cheers
GMT 12:37 (C) sir now shall go long in gold?
GMT 12:38 – GOLD @ $ 1660.70 = I will prefer buying around $ 1657-59 STOPS $ 1654
GMT 13:05 – (C) shall go long in gbp at 1.6010??
GMT 13:43 – (C) up side where to book profit gold
GMT 13:44 – Book profit around $ 1665-67
GMT 13:51 – GOLD @ $ 1663 = If hold $ 1658-60 could test $ 1667
GMT 14:29 – EURO @ 1.3042 = Risk for a fall to test 1.2985. 1,3075-80 should hold…..
GMT 15:06 – OK pals, this was surely the finest day of the week.
Suggest sqauaring all positions or else do apply STOPs.
Cheers until tomorrow………

GMT 3:56 – GOLD @ $ 1658.50 = Gold has protection around $ 1652-54 and I will not be surprised to see a push towards $ 1662-64. ideal selling area for $ 8-10 gain. On the upside $1670 is the next level to watch
GMT 3:49 – AUD 1.0495 = As long as Aussie holds below 1.540-50, see risk for a test of 1.045060. But the tone will remain strong
GMT 3:39 – JPY @ 87.40 = Move beyond 87.55-65 is required for more weakness of Japanese currency. I will not be surprised to another test of 86.85 or esle 87.90
GMT 3:36 – GBP @ 1.6043 = May not surpass 1.6075-85 zones risk for drop to 1.5990-00 and 1.5965-70 looks a possibility. Break of 1.6120 negates.
GMT 3:32 – EURO @ 1.3073 = We are in the new year, quite a few issues such as European sovereign debt and fiscal cliff seemed to over, but market is still looking for direction. Nothing is over as yet, market is taking a breather after the authorities successfully manged to extend the settlement of problem to future dates. In simple terms the dates of all the problem has been rolled over to future dates, but they all exist.
Normally, we see such behaviour of market stability that has a life for 15-20 days before another problem creeps. Recent European economic data may not have been too bad, neither they are encouraging. Signs are very clear that the economy is gradually slipping down, the unemployment is surely on the rise. ECB may not act tomorrow to cut its rate and may wait for more bad news because it is short of tricks in its sleeves and cutting rates will deprive them of ammunition as current Euro-zone Central Bank rate is already 75 basis point and slash means just a whisker away from FED rate. Fed has already hinted that it is considering its easing policy.
BOE with with 50 basis point bank rate is already struggling with deficit, low growth and high inflation and despite that it is sitting on the edge, as rating agencies may not hesitate to chop UK rating soon. So it is not going to be easy ride for ECB and they are likely to buy some more time before executing its monetary tool. Therefore, any rate cut on Thursday will be a big surprise.
EURO @ 1.3073 = Euro may struggle beyond 1.31 and we could see a gradual dip towards 1.3040 or test of 1.3020-25 levels. Break of 1.3150 is required for bigger move.

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