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Buy Euro on dip – Gold to ease – Feb 19

February 19, 2013

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

GMT 06:00 (S) sir current gbp 1.5476 should for short now and where to apply stop loss?
GMT 06:04 – GBP @ 1.5473 = I am not comfortable shorting now as I could still see anotherr 15-25 pip jump
GMT 06:27 – GOLD @ $ 1613.25 = Struggled to move ahead. Sugget short with STOPS $ 1618
GMT 07:17 – JPY @ 93.52 = I do not recomend short Yen now, as I see some more gains. However, if long, do book your profit around 93.45-50……Cheers
GMT 07:39 (S) sir i couldnt go for short gbp should sell at current level 1.5479?
GMT 07:43 – If fails to fall below 1.5445-50 in next 2-3 hours, we could still see a move towards 1.5495-00 before down again
GMT 08:13 – (S) gbp at 1.5492 should go short here?
GMT 08:16 – Prefer Short around 1.5505
GMT 10:02 – EURO @ 1.3370 = Witnessing aperfect move now targeting 1.3410 should hold around1.3350
GMT 10:09 – JPY @ 93.63 = If short Yen prefer squaring with small profit around 93.63-69. If fails to move above 93.85-90 could see another test of 93.32-38 zones
GMT 10:16 – GBP @ 1.5485 = Level to watch is 1.5472-78, only break hear would seea tesy of 1.5460 before up as see risk for another upside attack. Suugest book your profit………Cheers
GMT 10:19 – EURO @ 1.3346 = Buy Euro around 1.3337-43 zones STOPs 1.3310 for 40-50 pup profit
GMT 10:21 – GOLD @ $ 1612 = Hope you went short around $ 1613-14. No change in View, hold your position…………
GMT 10:23  (S) sir what in gold view unchange sir sell around 1613 hold till newyork open
GMT 10:30 – GOLD @ $ 1612 = On Gold position, do take a chance as China has tighten liquidity, which is bad news for gold do apply STOPS around $ 1616-18
GMT 12:12 (S) sir gbp breaks 1.5472-78… now where to sell??
GMT 12:20 – GBP @ 1.5471 = could make another attempt towards 1.5480-90 zones before droping to test 1.5440-50 levels. Should stay below 1.5520…………
GMT 14:17 – (S) sir do u see bigger drop in gold where should book profit
GMT 14:19 – here you have to decide. needs to dip below $ 1607-8 for deeper fall……
GMT 15:04 – Ok pals, end of a fine day…………… cheers until tomorrow
GMT 15:45 – GOLD @ $ 1604.55 = Square your position around $ 1602-04 and enjoy $ 10 profit……….Cheers
GMT 16:20 -GBP @ 1.5417 = Book your profit around 1.5412-17 ….Cheers
GMT 16:34 – EURO @ 1.3379 = book your profit aropund 1.3379-85….cheers
As we saw US market enjoying long weekend after the G20 meeting, it was Yen that suffered some bruises due to complacent behaviour shown towards the Japanese currency by the world financial managers. This may not be true, but the timing of global financial misery is so awkward that the Finance Minister and the Central Bankers had very little choice and may have opted to keep mum in public to avoid more confusion. It gave space to Yen to further weaken and market will now be looking for next BOJ Governor announcement  and will wait to see how governments behaves after the G20, as I am still not willing to buy the theory that Japan  escaped drubbing and did not get the scolding for its governments direct interference in BOJ’s affair.
Meanwhile, since there is no major economic data announcement today except for the German Economic Sentiment data popularly known as ZEW Survey.  I thing this could be a good guidance for today’s trading pattern, which is expected to get better. Higher number could send Euro roaring, as Bundesbank in its yesterday’s monthly report has indicated that Germany could return to growth and may avoid recession. However, a negative ZEW data could weaken the sentiment, but anything close previous number  should not see Euro suffering and could emerge on dips. 
EURO @ 1.3344 – In Asia I do not see a move beyond 1.3370-75 with a possibility of dip towards 1.3310-20 zones. The key on the downside is 1.3260-70, which should not surrender after the German data. I prefer buying on dips as I see test and break for a move towards 1.34 levels.
GBP @ 1.5463 = Cable is likely to continue to suffer losses as sellers are likely to dump GBP on the rise. It is heavy around 1.5480-90 zones. So selling is preferred as looking for a test of 1.5410-20 zones. Or else 1.5520-30 before down again.
JPY @ 93.76 = Watch Yen around 93.52-56 zones as the Japanese currency may not have enough strength to penetrate beyond that levels  for a move back 94.25. Or else 93.10 before up again.
AUD @ 1.0315 = Could struggle around 1.0335-40 for another test of 1.0280-90 zones 
GOLD @ $ 1614.50 = Hopes of Chinese buying is keeping the metal alive that could still see a push towards $ 1616-18 before easing. I am expecting a drop towards $ 1603. A fall below $ 1597 will encourage for a test of $ 1590-92 zones. $ 1624 should hold.
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