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Range Trading To Continue Until Clearer Direction – April 23

April 23, 2013

 

Yesterday there was lack of news that saw range trading, activity in currency trading was lackluster, but gold made big strides on reports of physical buying that was nothing unusual, as genuine buyer jumped in to buy Yellow metal at what they consider cheaper rate.
After yesterday’s weak European PMI announcement pushing Europe closer to recession, the key market driver today will be release of economic data that will be released from Europe. Recent USA economic numbers have been disappointing and today market will be watching bunch of data’s that will provide more clues about the performance of US economy. 
Meanwhile, Pound Sterling is holding the bottom by avoiding fall on hopes UK may avoid triple dip recession. 6-3 voting halting further liquidity injection has also helped GBP, as BOE is preparing for takeover of by its new boss in next couple of months, which could provide new impetus. However, upside should be limited as sellers are expected to hop in on cable’s rise.

GMT 2:48 – EURO @ 1.3049 = I am expecting another quiet session until Europe, as market will look for direction. 1.30 levels should hold, but on the up, Euro needs to push beyond 1.3080 for a test of 1.3120-25 levels. Or else test of 1.2960-70 zones.

GMT 2:55 – GBP @ 1.5271 = Support is around 1.5230-40 levels, but needs to push beyond 1.5295-00 for 1.5325-30 or else 1.5205.

GMT 2:59 – JPY @ 98.83 = Yen could make some more gains, but I will be watchful around 98.42-48 zones and would prefer to pick top to sell the Japaneses currency with STOPS 98.10 for re-test of 99.20-25 zones.

GMT 3:05 – AUD @ 1.0229 = I am bearish for Aussie since last couple of weeks and see more losses. I see strong resistance around 1.0270-80, as I am looking for a test of 1.0160-70 zones, before taking a breather, as 1.0120-40 should hold. 

GMT 3:14 – GOLD @ $ 1428 = I am expecting $ 1421-23 to hold for a test of $ 1438-40 zones. This rally has potential to stretch up to $ 1444-46 zones or else needs to break $ 1416 for more losses

Catch me on Twitter     @asadcmka……………………
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