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US Economic Data is key for next move – Jan 31

January 31, 2013

 

LATE UPDATE………..TWITTER @asadcmka

Live Update Available to BLOG SUBSCRICERS………

GMT 15:03 – End of another excellent. If a new position is taken, do apply STOPS……Cheers until tomorrow……
GMT 7:46 – GOLD @ $ 1676 = Book your profit around $ 1674-76….Cheers
GMT 7:49 (C) sir view about gbp unchanged??
GMT 7:49 – GBP @ 1.5828 = The expected upmove is occuring, but do not favour around earlir given levels as see risk for test and break of 1.5850…..
GMT 7:53 –  refresh page…………I have posted coments on GBP earlier
GMT 13:01 – (C) what to doi n goold now sir any direction
GMT 13:04 – GOLD @ $ 1673 = Waiting for 4 1669 😉
GMT13:34  (C) gold touch 71 and went up now what to do waiting for urs signal
GMT 13:36  – GOLD @ $ 1675.50 = is still a sell around $ 1678-80. STOPS $ 16834
GMT 13:45 – EURO @ 1.3551 – Unless break above 1.3570-80 risk for test of 1.3530 zones. However, if we see the dip I am expecting a mild bounce back after the dip. So catch the Bottom or Top, which ever comes first with 25 pips STOPS on both the side….
GMT 14:24 – GOLD @ $ 1669 = Book your profit around $ 1667-69, as see risk for small bounce back. Should hold above $ 1664….
GMT  14:57 – JPY @ 91.21 = The move to 91.20-25 zones has occured. Take profit should hold 91.45..Cheers
GMT 15:00 – EURO @ 1.3576 = We are witnessing a perfect up-move from 1.3545. Please see my morning post, if you have booked profit and went long take profit and sell around 1.3582-90 STOPS 1.3520.cheers
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EURO @ 1.3572 = Euro has resistance around 1.3595-98 and needs to push beyond for 1.3620-25. However, I suspect that Euro will exhaust and we could see a drop from the resistance level towards 1.3540-50, for another upside try. Break of 1.3510 will encourage for a test of 1.3450-60 zones.
GMT 4:18 – JPY @ 90.86 = This fall could stretch towards 90.65-70 break will encourage for 90.40-50. If seen will watch for bounce back for another test of 91.20-25 zones or esle 90.20
GMT 4:15 – AUD @ 1.0383 = Should hold around 1.3040-50 for 1.0410-15 or else 1.0320.
GMT 4:12  – GBP @ 1.5805 = Cable would still struggle around 1.5830-40 zones and another dip toweards 1.5740-60 levels is a high probability.
GMT 3:50 – GOLD @ $ 1680.50 = Pick top and Sell around $ 1681-83. STOPS $ 1686 for $ 1675 or $ 1669 or esle $ 1690-92 before down again.0

GMT 3:44 – EURO @ 1.3572 = US GDP data was a bit surprising indicating that US economy contracted by – 0.1 pct versus + 1.1 pct expectation in 4th quarter. FED has clearly blamed weather for this distortion causing negative growth using the word “Pause”. This is all about past so let’s start concentrating on present and future US growth prospect.FED’s intention to continue with its accomodative policy and it’s USD 85 billion per month asset purchase program due to downside risk to economic outlook is quite in line of my yesterday’s note, as I pointed out the economy has started to respond, but the pace is not at the desired level and the US economy is required to create more jobs.I think market will start focusing on release of economic data’s. Today’s jobless claim is expected to rise from earlier week’s reading, but anything below 350.000 should positive news for the US economy though January’s claim data is still considered and debated as a distorted one due to holiday season. 
 But I think today’s consumer spending data could have greater impact on the market because during these months due to Christmas and holiday season more spending is recorded and more importantly we have to see the impact of 2 pct rise in payroll taxes, so in all probability a healthy number could give some life to the market.

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