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G7 protested in vain, G20 will follow, but Japan, like China will offer deaf ears – Feb 14

February 14, 2013
Join me on Twitter for quick currency & gold Updates……….. @asadcmka
 
Today’s Activity………Late Update…………………..
GMT 6:01  (C)  pound should go short at curent level or wait for upword moment?
GMT 6:07 – GBP @ 1.5515 = pd, what were you doing at 1.5535-40 level Selling now is more risk as it gives to less room for down movw, which could hold around 1.5480-90. I prefer to wait to pick the top
GMT 7:19 – EURO @ 1.3386 – Book your profit around 1.3380-86…Cheers
GMT 7:22  – GBP @ 1.5513 = go  long around 1.5508-11. Apply Stops if 1.5470-75 breaks
GMT  8:33 (C) present what to do in gold before us open willl break 1640
GMT 8:38 – See top around $ 1646, but could bounce back from $ 1638-40. Seriously speaking do not see that hapening until New York………
GMT 10:25 (C) should buy gold at $ 1640
GMT 11:22 (C) WHAT TO DO IN GOLD NOW 48 SHOULD SELL
GMT 11:24 – Could test $ 1653-56, but prefr to sell by picking top
GMT 13:07 – JPY @ 93.43 = Saw a fine hit of target 93.10 before bouncing back. Yen could drop another 20-25 pip before reversal. 93.90-95 should not surrender.
GMT 13:28 (C) sir where to go long on euro??
GMT 13:30 – Sell around 1.3380 , buy around 1.3260-70
GMT 13:30 – gold to test $ 1630-35 & Euro 1.3270
GMT 13:31 – GOLD @ $ 1642 = sell around $ 1642-44 STOPS $ 1647
GMT 13:33 – Jpy could test 93.50-60
GMT 13:35 – Euro @ 1.3341 = Could move towwards 1.3350-60 before down again. STOPS 1.3390
GMT 13:37 – GBP @ 1.5511 = Sqaure cable position though I see up move today. Buy on dip
GMT 13:45 (C) gold sl hit what next
GMT 13:48 – I told to pick the top. Not sure why you are always in hurry. Now wait
GMT 13:50 – GOLD @ $ 1647 = I still do not see break of $ 1650-52 levels………
GMT 13:51 – I have given another signal did you sell @ $ 1649……..
GMT 14:45 (C) ya another i sell at i got 48.30 level wherei seell
GMT 14:51 – now gold needs to break below $ 1642-44 levels for bigger fall or else we could see a test of $ 1650-52 before down again.
GMT 15:04 – OK pals, Euro madea fine hit of 1.3352 and shoudl ease so take profit around 1.3310-15 levels.
JPY could potentially test 92.75-85 zones before easing to restest 93.40-45. Should hold 92.40.
Gold, earlier view is intact…..
Cheers until tomorrow…………………….
 
 
 
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 GMT 3:31 – EURO @ 1.3450 = I still see top around 1.3480 until Euro breaks above 1.3540 levels. Needs to fall below 1.3410-20 for 1.3370-75, which could be a possibility in New York session.

GMT 3:36 – GBP @ 1.5535 = Cable to remain under pressure and may struggle to move above 1.5580-90. Risk for drop stretching towards 1.5470-80 zones, as 1.5425 looks a good possibility. 1.5640 should hold
GMT 3:43 – JPY @ 93.39 = As long as 93.80-90 is protected, Yen will continue to show its muscles, break of 93.10 will encourage for a test of 92.80. or else 94.45-50 before down again. 
GMT 3:43  – AUD 1.0360 = Should find top around 1.0380-90 for 1.0310-20 or else will see a test 1.0410-20, which is not a favoured scenario.
GMT 3:54 – GOLD @ $ 1644.70 = Will pick the top around $ 1646-49 zones, as gold still has potential for more losses. Today needs to fall below $ 1635 for further drop. However, break above $ 1656-58 is required for a re-test of $ 1665. 
 
Where there’s smoke there’s fire and hence, there is surely lot of talk about about Japan’s new governments forceful depreciation currency policy. I think G7 members may have realized that talks about weak Yen should not be made public as the world’s financial market is already faced with lot of messy work. Weak Yen policy provides good comforting space to China, which is toy in the hands of developed countries that always allow them to play around with their nation blaming China for all their economic wrong doings. 
However, weak Chinese Yuan and Japanese Yen could be the biggest threat to the region’s competing developed and semi developed Asia countries. Some of them have started to voice their concern that makes their product less competitive. Developed Western nations may soon become vocal when their business community will start making their protest, 
In my view, this G7 friendly approach of not singling out Japan publicly is eyewash. They may have voiced their concern in vain and in tomorrow’s G20 meeting we should expect more protest. G20 will follow G7 to protest, but Japan, like China will offer deaf ears. Will someone from G7 tell me that if Japan was not single out for artificially weakening its currency, then which other country was blamed for currency manipulation. China ! No way pal, they have done their bit and it is every country right to have a economic policy that suits them. All Western nation have done this futile exercise without success because of failed policies. The biggest worry for the European policy makers should be that when Europe is undone with its economic problem how can it afford strong Euro and weak Yen?
Meanwhile, today’s German GDP data will provide an important guideline for the Euro-zone region, as German economy considered engine of Europe cannot afford weak numbers. Later all eyes will be on US Jobless claims.
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