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Bias mildly upside – Euro-GBP-AUD & Gold to gain – March 6

March 6, 2013

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

GMT 15:15 – OK pals, end of fine day.
Do not take excessive risk. Apply Stops or suggest sqauring……
Cheers until tomorrow……………………..
GMT 15:13 – EURO @ 1.2998 = book your profit around 1.2992-98…..
GMT 15:08 – GOLD @ $ 1577.50 = Likely to fizzle out around $ 1578-80.
GMT 15:03 – GOLD @ $ 1575 = Sell
GMT 14:35 – GOLD @ $ 1573 = Prefer taking profit around $ 1568-70. Then sell again around $ 1574-75, as test of $ 1563 – 65 looks possible
GMT 14:33 (S) Sir, Where to close GOLD short positions ?
GMT 13:31  – GOLD @ $ 1579 = Sell now
GMT 13:26  – You are taking risk, I indicated that failure to break 1.5110 will see downmove. You should have squared around 1.5105…
Could test 1.5025-30
GMT 13:24 (S) sir view abt gbp same 5040-50 will hold??
GMT 13:20 – EURO @ 1.3030 = Risk that if 1.30 breaks could see a dip to test 1.2950-70 zones……..STOPS 1.3060
GMT 13:16 – GOL:D @ $ 1574 = Lokking to test $ 1567 on break of $ 1570………
GMT 10:57 – EURO @ 1.3030 = Buy Euro around current levels with Stops if1.3005-10 breaks for 30-35 pips……….
GMT 10:50 – GBP @ 1.5082 = Sorry for the delayed response. Well, Mervin King did not add anything new, but as I mentioned in my morning note that before he speaks GBP will come under pressure. It did but dipped beyond my expectations. I think Cable should hold 1.5040-50 level, but needs to push above 1.5110 for another 30-40 pip gain……………..
GMT 10:03 (S) sir i went long on gbp at 1.5075.. should close it or wait for upside move?
GMT 9:28 – not now. Could shed another 20-25 pips, pick bottom
GMT 9:25 – (S) shall go long on gbp sir??
GMT 9:00 – GOLD @ $ 1575 = Gold may fail to move beyond $ 1578-80 and could drop further down to test $ 1570-71, as see increased rsik for a test of $ 1567 levels……..
GMT 8:43 (S) sir shall go long gold at 1576 or wait??

===========

GMT 3:17 – EURO @ 1.3064 –  Euro could make gains and is likely to find support around 1.3035-45 levels for 1.3095. A break of this levels could encourage for a tests of 1.3120-25. Only fall below 1.3010 risk for more losses.
GMT 3:22 – GBP @ 1.5145 = Strong support is around 1.5110-20 level, as long as 1.5080 holds see risk of upside move, but needs to push beyond 1.5190-95 for more gains.
GMT 3:29 – JPY 93.15 = 93.40-50 looks tough to crack with another barrier at 93.80. See risk for test of 92.80-85, break could a move towards 92.55.
GMT 3:32 – AUD @ 1.0290 = See support around 1.0250, which should hold, as I am expecting a level around 1.0270 to hold for 1.0330-40.
GMT 3:38 – GOLD @ $ 1578.50 = During Asian & European I see good support around $ 1672-74, which should hold for a test of $ 1584-86 zones. Needs to fall below $ 1568 for more losses. Strong resistance is around $ 1590-92, which should not surrender

Though overall global economic data was in positive territory, stocks continued to make new record highs, but trading in foreign exchange market was range bound. I think market is less excited as there is no major news to shift the sentiment and is probably waiting for tomorrow’s ECB monetary policy announcement that will provide better picture about the European economic outlook. 

 Meanwhile, minor stability was seen in UK currency, as GBP showed some ability by bouncing back after briefly falling below 1.51 levels, as it received support from strong PMI data. Today BoE Governor Mervin King will be speaking and since last time he voted in favour of adding liquidity, his Dovish tone could see some GBP sell prior to his speech. But if he refrains from making comment on the subject we could see Cable making day’s new high.
 Today again trading activity should be range bound unless there is a surprise. Euro zone’s GDP data is expected to be negative, but big deviation could increase market activity. Similarly, US will release couple of data’s, but recently it is noted that Automatic Data Processing (ADP) which is employment change data has been responsibly to drive market sentiment as it also tell the measure of change in employment in USA that helps to determine both, consumer spending and growth.
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