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Ben is Smart & he will Speak on Tapering – June 18

June 18, 2013
Interaction with my Subscribers during the day…………
6:31 AM   sir shall go long euro at 1.3330??
6:36 AM   GOLD @ $ 1378.50 = Book your profit and go slong around $ 1375-77…Stops $ 1370…….
6:38 AM   GBP @ 1.5669 = Book your profit around 1.5563-69…Cheers
6:40 AM  AUD @ 0.9483 = If short book your profit around 0.9478-83. Buying of Aussie not prefered…………..
6:41 AM   EURO @ 1.3332 = Could dip to test 1.3305-10 zones…………
 6:45 AM   GOLD @ $ 1379 = If fails to move beyond $ 1380-82 could test $ 1372-73…….
7:48 AM   GOLD @ $ 1381 = Sell with Stops $ 1385
8:32 AM   GBP @ 1.5578 =- Buy GBP around 1.5572-78.Stops 1.5535………
9:11 AM   sir what about euro now??
 9:12 AM   Euro probably has see the top of the day……..
Do not expect new highs until NYK…………
9:25 AM   EURO @ 1.3389 = Suggest taking profit and go short Euro around 1.3389-95 STOPS 1.3430……..
 9:29 AM   GBP @ 1.5565 = Square Cable position around 1.5565-72, as I am not comfortable with Long GBP……..
 9:32 AM   GBP @ 1.5561 = Could dip to test 1.5518…………
 9:35 AM   Sir, Sold e/u 1.3395 where to book profit n go long again ? Regards
9:45 AM   sir i shorted gbp at 1.5690.. where to book profit??
 9:48 AM   Hi, 1.3352-57 is the next level to watch. I would suggest taking profit, as we may not witness too much activity until NKY drives the market. Do keep watching my post for any chnge of signal……
9:51 AM  GBP @ 1.5654 = Suggest taking profit around 1.5628-355 zones……
10:22 AM  JPY @ 95.43 = the expected move has occured . Book your profit around 95.43-48………Cheers
12:11 PM    next to gold
 12:20 PM   GOLD @ $ 1371.50 = Book another $ 10 profit around $ 1370-72………..Cheers
12:23 PM   EURO @ 1.3374 = Risk is that if 1.3335-40 hold could see a move towards 1.3420-25…..Sugget squaring of position………..
12:27 PM    GBP @ 1.5601 = Dip could extend up to 1.5572-78
zones before making small recovery or else 1.5540…..
 12:30 PM   GOLD @ $ 1373 + holds $ 1365-67 could see a bounce back towards $ 1385 or else $ 1358
12:31 PM   Dollar is down Gold Up………….Above views good……….
12:33 PM   JPY @ 95.36 = may hold 95.55-60 for 94.90 or 94.60………
12:55 PM   JPY @ 95.66 = Though we have seen extended move, but Yen is likely to make a comback from 95.62-80 zones. Do not see break of 96.20-30 levels………….
 2:54 PM   sir bought at 1369 where should apply stop loss ?
 3:05 PM   GBP @ 1.5616 = Book your profit around 1.5616-20…….Cheers
 3:07 PM   sorry pd, I somehow missed your message.
However, I said should hold around $ 1365-67, which means STOPs should have been applied……………….
3:08 PM  Ok, pals it was an excellent day, except for one poor call in gold……….
Cheers until tomorrow……………. 

COMMENTARY………………..

 

Monday turned out to be a quieter day, as the guessing work continued that if FED is going to taper down or not. Traders and investors are still looking for clearer direction, but no one is sure about the timing of FED’s next. Some trying to link the connections, few are too sure  and confident that FED does not leak messages. So its still all guess work. But more importantly, as I said quite a few times that it is the FED Charmian’s language that should matter most.

If BEN has a plan or even if he does not have one,  this time he could be under sever pressure because he should be aware about the markets desperation, as hinting FED’s next move may have same impact as much, as it should have by keeping mum. Since everyone is guessing, based on recent economic numbers and increasing number of FED members joining the economic recovery chorus my guess is that Bernanke is smart and he will speak on the subject, as he knows the price, though he may take time to act.
Meanwhile, market should remain active due to long list of data release from Europe and USA. Japanese PM seems to be in a comfortable position after meeting his G8 colleagues, as he may have avoided questioning on weak Yen policy to recent gain of Japanese Yen. However, since JPY during recent weeks made big gain, market could test Japanese governments extraordinary effort to the check the seriousness of BOJ’s ultra easing policy, which is loosing its momentum. Hence it is highly likely that Yen could make some gains before it resumes its downward journey.
For Currencies & Gold Update  join me on TWITTER… @asadcmka
GMT 2:37 – EURO @ 1.3355 = Initial bias is on up, Euro is likely to hold 1.3330-40 levels for a move towards 1.3385-90, break would encourage for a test of 1.3415-20 zones before down again. Support 1.3305-10 should not surrender or else 1.3285.
GMT 2:24 – GBP @ 1.5705 = I am expecting a dip towards 1.5660-70 and should not break 1.5735-40 on the up. However, drop should not extend beyond 1.5640 or else 1.5610. If upside resistance breaks, may see gains extending towards 1.5780-90 before another fall.
GMT 2:51 – JPY @ 94.79 = If 94.35 hold, could see a small move towards 95.10-20, break may encourage for 95.60, But see risk for gains later in the day for a test of 94.20 levels, gains could extend up to 93.90.
GMT 2:57 = AUD @ 0.9517 = the current fall could extend to test 0.9485 or find support 0.9450-60 zones before making small recover, but strong barrier is at 0.9560 or 0.9595. Failure to hold support levels will encourage for 0.9410
GMT – 3:03 – GOLD @ $ 1384.20 = Gold may struggle too surpass $ 1386-88 levels and break of $ 1380 will encourage foe test of $ 1375-77 zones, as fall towards $ 1365 is possible or else $ 1392-94 before down again.
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