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Gold to Glitter, Yen should not Fizzle – Feb 15

February 15, 2013

Join me on Twitter for quick currency & gold Updates……….. @asadcmka

LATE UPDATE…….Interaction with Subscriber..(S)……………..

GMT 6:35 – EURO @ 1.3390 = Book your profit…………….
GMT 6:40 – JPY @ 92.72 = Book your profit around 92.72-78 and Buy Yen with STOPs 93.10
GMT 8:12  – EURO @ 1.3345 – Book your profit around 1.3340-45. Cheers…..
GMT 9:02 – GOLD @ $ 1630.50 = No change in view, strong support around $ 1628-30, break will see $ 1624-26 before up again…………….
GMT 9:34 (S) GBP @ 1.5467= Buy around 1.5465-70. STOPS if 1.5440 breaks………
GMT 9:38 – JPY @ 92.23 = Book your profit around 92.17-23 Cheers……..
GMT 11:35 (S) where should book profit sir?
GMT 11:45 (S) sorry sir gbp where should book profit?
GMT 12:18 – Paitence with STOPS if 1.5440-50 breaks 😉
GMT 12:46 – GBP @ 1.5480 = If  falis to move above 1.5495-00, see risk for a test 1.5450-55. Prefer squaring around 1.5480-85…………..
GMT 13:15 – We are witnessing excessive moves as G20 did not mention about Currency. Common sense will tell us that why would they share about their greviences with outsiders………….
GMT 13:41 – I am not discussing gold because its has broken $ 1625 on G7 news. Could dip to test around $ 1605-10 for sharp recovery.
GMT 13:44 – I you willing to take Yen position…………
JPY @ 93.50 = Buy around 93.70-80 STOPs 94.20………….GL
GMT 13:46 – GOLD @ $ 1615.70 = if short take profit and go long around $ 1605-10. $ 1597 is the next level to wwatch if you can afford
GMT 13:46 (S) sir pound break 1.5495 what next level ?
GMT 13:47 –  GBP @ 1.5497 – Will wait for 1.5515-20 sell Stop 1.5550
GMT 13:47 –  EURO @ 1.3365 = Prefered level to sell is 1.3385-90 STOPs 1.3425
GMT 14:07 – GOLD @ $ 1611 = Do not rush pick from bottom
GMT 14:44 – GBP @ 1.5512 = Cable is looking good to test 1.5522-28 zones
GMT 14:46 – GOLD @ $ 1609 = Could test $ 1602-05
GMT 15:00 – OK pals end of a fine week………
Have a nice weekend…………….Cheer 

=============================

GMT : 3:30 -EURO @ 1.3363= I will allow Euro to make some more gains probably towards 1.3390. However, unless Euro break above 1.3450 risk will remain high for a drop. Support is at around 1.3310-20 zones. Break is required for a test of 1.3270-80 levels.
GMT 3:57 – GOLD @ $ 1633 = Has strong support around $ 1628-30 may hold for a move to test $ 1637-38. Break would encourage for $ 1642-44 or else $ 1624 before up again…..Today buy on dips preferred…
GMT 3:42  -JPY @ 92.51 = Well, though  I am expecting 92.10-20 to hold for another upside test of 92.70-75 and only break would encourage for test of 93 zones. Bottom picking is Yen against USD is preferred as the Japanese has enough room to correct
GMT 3:37 – AUD @ 1.0368 = I do not see a break above 1.0395, but if it holds 1.0310, Aussie will trade in the band the given band of 1.0310-1.0390
GMT 3:34  GBP @ 1.5515 = As long as support 1.5460-70 holds risk is for a test of 1.5550-60 zones that could stretch up to 1.5580-90

Contraction of Euro region’s 17 nation GDP in 4th quarter of 2012 against market expectation gave jitter to the market sentiment reminding them that the regions economy is still too weak and needs lot of mending. German economy may be showing signs of improvement, but Euro-zones troubled economies i.e, Spain and Italy also facing political tension. Greece, Portugal and few others are are still faced with multiple issues that includes low growth and high jobless rate. 
 There is a huge risk that tighter fiscal condition will not provide enough space and it is not necessary that Germany, which is Euro-zones the growth engine will continue to maintain its growth pace due to global factors. France second largest economy of the region is in a struggling phase. Inflation is not a threat, as its is not creeping up suggesting that ECB will maintain its softer monetary stance in an effort to bring lasting stability.
 Meanwhile, as I have been regularly mentioning in my post that Yen for the moment has bottomed out. Though there is some confusing statement by the G7 official about the Japanese currency, but verbal intervention has worked and until a prepared text is read the correction of yen should continue because what we have been hearing is from G7 members, but weekend gathering of G20 members representing Asia and others competitive nations will be more vocal against Japan’s stance on Yen. So it may not be bad idea to pick Yen on dip and simultaneously book profit as the volatility is expected to continue. 
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