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Economic Datas to Dominate the Day – Aug 23

August 23, 2013
Market was stable, as there was no exaggerated moves witnessed. It was comparatively a quieter day in terms of volatility seen recently. So far Jackson Hole gathering had nothing to offer and out of five speakers BOJ Governors speech could be of some interest because of some huge combine decisions taken by the newly elected Japanese Government and its Central Bank. But Japanese government is yet to take some administrative measures and introduce structural reforms, which may not have any major impact on the global financial market.
While, European growth momentum maintained its ongoing pace, which was followed after the release of better Chinese PMI data. It was Germany that took the lead with better PMI numbers suggesting that activity in manufacturing and service industry is flourishing, which means that today’s release of German GDP should show improved domestic condition and healthier import/export data. But unfortunately, overall Euro-zone region may not have same story to tell as, high unemployment rate remains at a record high level.
Meanwhile, economic data released yesterday from USA was not as per FED liking, though not very disappointing. Therefore today’s release of New Homes Sale number will provide more hint about the economic activity in USA. Keeping in view the recent changes that have taken place in the financial market, I would prefer to pick US Dollar on rally, which should be the ultimate winner, despite Euro-zone showing signs of recovery, which is believed to come out of recession that could be short lived.
GMT 2:52  – EURO @ 1.3346 = Initially we could see support 1.3320 to hold with minor upside move towards 1.3375-85 zones where Euro could exhaust. A break of 1.3310 will confirm more losses for a test of 1.3280-90 zones. 1.3430 should not surrenders.

GMT :03 – GOLD @ $ 1376 = Today gold has strong support around $ 1368-70 zones and in Asia may see trading above $ 1372 levels. See risk on break of $ 1382 for a possible test of $ 1387-89 zones and if the move occurs I will not be surprise to see a push towards $ 1400, unless gold falls below $ 1364.
GMT 3:09 – GBP @ 1.5583 = Support 1.5540-50 may hold for a mild up move to test 1.5615-20 zones, but this rally should not surpass 1.5650 for a drop. Break of 1.5510 would risk for 1.5480.
GMT 3:15 – JPY @ 98.96 = As long as 99.30-35 holds we see a move towards 98.40-50 zones, but break risks for 98.10 or else 99.80
GMT 3:17 – AUD @ 0.9024 = Current up move should hold around 0.9050-60 levels, but needs to fall below 0.8980 for more losses or else 0.9080.

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Inter-action with my Subscribers during the day…..

6:27 AM    View on currencies & gold remains unchanged……………………
8:04 AM     sir shall go long aud wid stops 0.8950??
8:32 AM     sir what about gbp after data
 8:33 AM     GBP @ 1.5625 = Book your profita round 1.5625-35…….
8:56 AM     what about gold sir
 8:56 AM    nothing new to add………………………….
10:54 AM    sir gbp doesnt looking strong.. shall go short gbp around 1.5630 if seen wid stops 1.5660??
10:56 AM    Yes, Cable is looking weak and I agree with your level……………
11:26 AM     or sir any position to go long gbp!
11:39 AM    sir shall go long gold at 1372?
12:47 PM     sir view on gold buy at cmp sl 64 or wait
12:48 PM    yes buy around $ 1368-70 Stops $ 1364…………
1:54 PM     if usa data comes positive should go short?
 2:06 PM    pd, ifs and buts don’t work all the time.
This time data is good but USD is weakening………
It is it not always easy to give you fiorm answer to all your queries. If today I would have agreed to to you levels, almost all trades would have been in mess and it must have confused others as well.
My job is not to speculate. It is to properly guide so that you end up in profit.
2:06 PM   GOLD @ $ 1387 = Book your profit around $ 1387-90 and enjoy…cheers
2:21 PM  EURO @ 1.3382 = Book your profit around 1.3382-90 and go short around 1.3385-95 with Stops 1.3440….Cheers
2:23 PM    JPY @ 98.60 = Book your profit around 98.55-60……..Cheers
 2:32 PM   GOLD @ $ 1398 = Sell around $ 1398-02. Stops $ 1406
3:01 PM    Ok pals, end of another excellent week.
Suggest squaring all positions or if you wish to hold, do apply STOPS if hit…………
Have a nice weekend……………….

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