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G7 & Central Bank’s should change the taste of Sweetener – Feb 13

February 13, 2013
 Join me on Twitter for quick currency & gold Updates……….. @asadcmka
 
LATE UPDATE……………………
 
GMT 6:33 (C) sir where should buy euro..?
GMT 6:38 – no change in view. i will be comfortable around 1.3420……………
GMT 10:41 – (C) what about pound sir ?
GMT 10:45 – Cable falied to penetrate beyond 1.5695. Now allow fall towards 1.5550-6
GMT 11:01 (C) sir still you see pound will go down or some support from here?
GMT 11:03 – Buy around 1.5510- STOPS if 1.5470-80 break
GMT 11:05 – EURO @ 1.3487 = Take profit around 1.3490-95……….
GMT 11:09 – JPY @ 93.75 = Failure to break 92.70 saw the bounce back. If short Yen take profit around 93.75-85 zones and watch for 94.10 could see Yen gaining strength and should hold 94.40
GMT 11:39 – (C) 1.5564 should go for short sell here?
GMT 12:20 – GOLD @ $ 1646.50 = Do not go long as gold could still hit $ 1643 if holds below $ 1648-49
GMT 12:30 – EURO @ 1.3505 = Likely to exhaust around 1.3520-25
GMT 12:48 – Euro @ 1.3480 = Book your profit around 1.3475-80…Cheers
GMT 12:54 (C) at if see 43 buy is preffered in gold for today
GMT 13:03 – More on gold after US Data and if needed I will make a post
GMT 13:04 – Euro @ 1.3490 = Expecting 1.3470 to hold before data for another test of 1.3520-25 levels………
GMT 13:13  – JPY @ 93.43 = If you went long Yen watch for break of 93.20 that could see a move towards 93.70-80, as 93.80 remains a key levels
GMT 13:17 – EURO @ 1.3482 = The expected up move did not occur, so stay away. Long Euro is not prefered. Any move towards or beyond 1.3510 after US data will good opportunity to Sell EURO
GMT 13:32  – GOLD @ $ 1650 = Sell around $ 1650-52 STOPS $ 1656…..
GMT 13:34 – Euro @ 1.3480 = Sell around 1.3480-90. STOPS if 1.3525 braeks
GMT 13:36 GOLD @ $ 1652 = Do sell or square could go up
GMT 13:37 – since you asked me last time about Cable it was trading at 1.5564 and has so far moved in 15 pip range. Why do want me to give you a forced level becsue it will remain in 1.5530-90 range for now
GMT 15:01 – OK Pals, missed out the opportunity in Gold today.
Tomorrow is another day.
Do apply STOPs if carrying position on my recomendation.
Cheers until tomorrow……….
 
 
===================== 
GMT 3:39 – Euro @ 1.3442 = In a dull and directionless day when Gold and Pound Sterling was under sever pressure, it was late release of G7 statement that had sparked some life in the market, which saw Yen making almost 1.5 pct gain within minutes. Draghi’s assurance of Spain’s economic recovery gave boost to Euro. But G7 press release on currency about their commitment to market determined exchange rates and that they will make sure to consult closely in regard to actions in foreign exchange markets and that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability is nothing new.
Its an stereo type decade’s old version and the statement needs to be formatted and revised according to the market needs. They have to realize that the financial market condition is not the same what it was about 25 years ago. Then credible lending was made, which is not practiced today, then money printing was sin, which is now considered a heavenly financial rescue tool, then derivatives trading was not introduced. Today these are the major cause of  financial disequilibrium. 
G7 behaviour do indicated that they are themselves confused, nervous and directionless and they should avoid confusing the market. G7, G20 and Central Bankers should realize that they cannot win global currency war or continue dictating the market because every economy has its own pros and cons, as global financial market condition has taken a big U-Turn. So let the market decide the price in real sense. Be practical and let the economies decide about their own fate, as they should pay for all their wrong doings. Do not punish the tax payers and the future generation.
Meanwhile, market will once again start focusing on economic data though meeting of G20 Finance Minister and Central Bankers in Moscow will be in the back of their minds. Major economic event of the day will release of US Retail Sales data that may provide better picture of economic activity in USA that will give some clue about spending and if inflation pressure is building up or not.
EURO @ 1.3442 = See strong support around 1.3370-80 levels, as the European currency could make another upside attempt from 1.3410-20 zones, but needs to surpass 1.3495-00 for more gains or else downside break of support levels will encourage for 1.334
GMT 3:46 = GBP 1.5668 = Cable made a fine comeback and still needs to stay above 1.5610 levels to attack 1.5695-00 levels for a move beyond towards 1.5720-40 zones. Now see low risk for a break of crucial support level of 1.5550-70 zones 
GMT 4:01 – JPY @ 93.06 = In my weekly post I did warn that Yen could correct this week. Now 93.60-80 is strong support level for the Japanese currency and break of 92.70-80 will encourage for 91.80 or 90.50, which is intact. But failing to fall below 90.70 could mean another small bounce back. However, Yen will remain very choppy, so do apply STOPS religiously.
GMT 4:10 –  AUD @ 1.0345 = This is a a bit surprise up move and 1.0375-80 is the resistance level. However, fall below 1.0310 will see retest of 1.2070-80 levels.
GMT 4:16 – GOLD @ $ 1651 = Expecting a move towards $ 1654-56 zones and for now should hold $ 1646-47. Prefer picking the top to sell as break of $ 1644-45 will encourage for another test of $ 1640 zones
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