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European Economic Data could demand More Easing – Feb 22

February 22, 2013

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

LATE UPDATE……DAYs INTERACTION WITH SUBSCRIBER (S)….

GMT 8:34 (S) sir gold at 1582 should go for long or wait for up and go short?
GMT 8:48 – GOLD @ $ 1583 = The Bullish spell has surely broken in Asia, but there is aminor risk of test of $ 1585-87 zones, which would my selling level. On the downside on ly break of $ 1578-78 levels would risk for a test of $ 1574
GMT 10:22 – Hope you guys went short in Euro – GBP & GOLD
and Long Yen……………
Suggest holding all positions……….Cheers
GMT 13:24 – GOLD @ $ 1576 = Book your profit around $ 1574-76………….
GMT 13:34 – EURO @ 1.3192 = May not surpass 1.3210-15 and see risk for a drop to 1.3157-65 zones, needs to fall below 1.3140 for more losses. STOPS 1.3245
GMT 13:36 – GOLD @ $ 1577 = See risk for a drop to $ 1568 if $ 1573-74 surrenders. $ 1580-82 should hold……….
GMT 14:42 –  (S) i sell gold n keep limit of 69 but didnt pass as low is 69.87 now i reach 76 will pass 80 82 level what to do
GMT 14:47 – I always tell all to book profit and not to be greedy. 
You have to take a loss if $ 1580-82 breaks, but I am expecting another test of $ 1570-72………
GMT 14:54 -EURO @ 1.3153 = Book your profit around 1.3147-53……….cheers
GMT 15:03 – BP @ 1.5260 = Book your profit around 1.5255-60….
Cable could make another sharp upmove from around 1.5240-50 levels to re-test 1.5315-25 zones. 1.5210 should hold…………..
GMT 15:08 – OK pals, have a great week………..
Please note that in late hours if I have time, I may give signal on
twitter @asadcmka
GMT 15:18 – JPY @ 92.22 = By the way Yen i am exepecting dip towards 92.15. book your profit around 92.12-18.Cheers

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GMT 3:23 – EURO @ 1.3201 = Euro could make a push towards 1.3230-50 zones, but as long as it holds below 1.3280-90 levels, see risk for a fall a drop below 1.3160-70 is required for a test of 1.3110-20 zones or else 1.3340. 
GMT 3:28 -GBP @ 1.5255 = I would buy around 1.5220-30 zones with quick profit taking around 1.5290. However, I am expecting GBP to hold around 1.5190-00 levels, as see risk for a test of 1.5310-30 zones today.
GMT 3:31 – AUD @ 1.0302 = Bias will remain on the upside as long as 1.0260-70 holds, but 1.0340-50 will be tough to crack.
GMT 3:35 – JPY @ 93.18 = Yen will continue to make strides and hence buying of Japanese yen around 93.35-50 levels is preferable for test and possible breaks of 92.70-75 for 92.50-55. Apply STOPs if 93.80 surrenders.
GMT 3:41 – GOLD @ $ 1583 = See upside risk in Asia if $ 1678-80 hold, but refrain from buying once it reaches $ 1688-90 zones. Break below $ 1672-74 is required for resumption of down move.

GMT 3:23 – EURO @ 1.3201 = It was the release of soft Euro-zone’s PMI data that was lower than expectation that added to the Bearish view. Unfortunately the data indicates that the upward trend has halted in both manufacturing and service sector. After previous day’s release of comparatively less Dovish FED minutes indicating that FED could reduce the pace of QE in the days to come, hinting that FED could be considering contraction of its balance sheet or in other words, QE amount could be slashed if US economy continues to recover at its current pace. Euro’ s slide was halted and it made mild recovery after the release of poor Philly manufacturing index. But today’s announcement of German GDP growth and IFO data and and later release of European CPI and its growth forecast will be telling more about Euro-regions economic performance, as unemployment is already alarmingly high level. More importantly European economy cannot afford poor German growth. Current global currency trend suggest that major developed or developing nations are either opting or prefers weak currency, hence it will not be surprising if European Commission report may demand for more economic repair that could lead to more Dovish approach. Then talks of ECB easing could become more frequent. Meanwhile, yesterday’s release of UK data, net borrowings and CBI Index report showed some signs of improvement that has surely helped in halting Pound Sterling’s slide. Since, GBP is oversold, I would refrain from aggressive selling of the British currency as long as support 1.5140-50 does not surrender.

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