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Small gains for Euro, GBP & Gold before Fall – April 02

April 2, 2013
 
 Thin market activity was witnessed due to Easter holidays in major parts of the world. However, release of poor US ISM Manufacturing data softened market stance, as it applied brakes on manufacturing sector activity, as US economy requires continued growth. This was not helpful as rise in construction spending did not give boost to the market. On the other hand FED wants continuity in its growth process before considering making any changes in its monetary policy stance.  
 
Today RBA will announce their decision on interest rate, which is likely to remain unchanged. While, economic data due from UK, Europe and later from USA will depict better picture of the economy. 
 
EURO @ 1.2867 = I am expecting 1.2840-50 to hold for test of 1.2890-00 zones or else 1.2825. On the upside only break risk for test of 1.2920-30 zones.
 
GBP @ 1.5241 = In Asia and early Europe, we could see this move extending towards 1.5260-70 before falling to test 1.5215-20 zones. However, failing to dip below 1.5235-40 after the climb risk for test and break of 1.53 for  a possible test of 1.5330-35 zones.
 
JPY @ 93.06 = Yen should resist around 93.30-40 for a possible test of 92.75-80 levels, break will encourage for 92.45-50. or else 93.70 before gaining once again.
 
AUD @ 1.0454 = Strong support is around 1.0390-0 zones. Prefer buying on dip, as 1.0340 should not surrender. On the up rally should ease off around 1.05 levels and needs to push beyond 1.0525 for more gains, which may be difficult move. 
 
GOLD @ $ 1601.80 = Sell around $ 1603-05. STOPS $ 1608 for $ 1597-98, break could extend fall towards $ 1594-95 levels.
 
 
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