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Today’s Data to Provide More Clues about Economy – July 25

July 25, 2013
After a nervous start due to release of weak manufacturing report from China, mixed reaction was seen on Wednesday, as economic data’s released from the Europe and USA showed signs of economic recovery. China’s PMI below 50 is surely a worrisome factor hinting that the economy is contracting that could add to global slowdown. 
Every economy has its own pros and cons. German growth matters European market, though current recover suggest that bank lending condition may have improved in Germany, but overall rest of the European market is still struggling for credit expansion. Similarly, USA economy faces tough challenge and is finding tough to make to make big strides to reduce its unemployment rate and hence. Therefore, slow growth pace or economic contraction does not help the cause.
Yesterday was another successful day, as my call on Gold, Euro, GBP, JPY & Aussie have been on the dot. I also did warn to keep a close watch on US bonds as 10-years US treasuries yields jumped by 8 basis point, which is another major market indicator about future interest rate trend. But today market looks naughty, as it could be choppy because German IFO, UK GDP data and US Durable goods and Jobless claims data’s are good enough to upset the market sentiment and drive market crazy.
Twitter   @ asadcmka………………………………..
GMT 2:19 – EURO @ 1.3199 = Euro should hold around 1.3210-15 levels, break could see minor push towards 1.3240 zones. On a bigger picture needs to move beyond 1.3280-90 for next major move. However, on the downside fall below 1.3150 is required for 1.3125, break would extend losses towards 1.3085 zones.
GMT 2:34 – GBP @ 1.5319 = Choppy moves expected, but prior to data should hold around support level of 1.5260-70, break of 1.5370-80 will challenge 1.5420, if surrenders, gain could extend up to 1.5480 before exhausting. However, break of support level would see Cable plunge to test 1.5160.
GMT 2:39 – JPY 100.12 = Yen is still in good demand around 100.40-50 and requires to clear 1001.20 for more losses or Japanese currency have enough muscles to test and fall below 99.60-70 levels to test 99.20.
GMT 2:88 – AUD @ 0.9147 = Aussie should find strong resistance around 0.9180 and could further dip to test 0.9110-15 zones, only break here will encourge for 0.9085-90. Or esle 0.9220.
GMT 3:03 GOLD @ $ 1320 = Gold could still trade in wide range between $ 1290 – $ 1335 unless there is clarity. But any violation of band would mean extension of move either way by roughly another $ 20. Until New York $ 1325 looks topish and break would see $ 1330. i am expecting test and possible break of $ 1311 for $ 1307 possibly test of $ 1302.
Interaction with my Subscribers during the day…………
8:04 AM  EURO @ 1.3220 = View Unchanged should hold around 1.3240…..
 8:31 AM   GBP range 1.5310-90………..
8:32 AM   bias could be on the downside as GDP may disappointing those expecing better data…..
9:12 AM   Hold you gold sale around $ 1325 & wait for my signal………………
9:19 AM  do u expect any up move little in gold as gold not breaking 1318
9:28 AM  GOLD @ $ 1312 = Book your profit around $ 1310-12…………Cheers
9:46 AM  GBP @ 1.5283 = Boook your profit around 1.5277-83,,,,,,,,,,,,cheers
11:50 AM   sir what about gold now ??
12:30 PM   sell gold & Euro
12:33 PM   after data gold and euro sell ?
12:34 PM   I have already given signal to sell Gold
12:36 PM   There is no major change in view.  Moring levels are intact
12:37 PM   or wait for more clarint and sell
EURO around 1.3220-40 & GOLD around $ 1323-25…….
12:57 PM   GOLD @ $ 1323 = if fails to dip below $ 1320-22 could test $ 1328-30 levels…………..
 12:59 PM  JPY @ 99.67 = Suggest taking profit in JPY position………………..
1:38 Pm      should sell at 28 30 if see in gold again
1:40 PM   First see the move and then pick the top…………………..
1:56 PM    sir euro sold 1.3230 stop loss 1.3270 ?
1:58 PM   OK…………..
2:10 PM   Ok pals, end of another excellent day.  Do not violate Stops.
Cheers Until tomorrow………….

 

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