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Choppy Day Ahead – Oct 16

October 16, 2013
GMT 3:40 – GOLD @ $ 1279 = There small risk for up move if gold holds above $ 1272-74. The rally could extend up to $ 1287-89, if reached should exhaust for a move down break of $ 1267 risk for sharp fall. or else watch for a break of $ 1297-99 levels.
GMT 4:16 – EURO @ 1.3512 = The delay in agreeing to extension of debt limit will certainly exert pressure on USD and hence Euro could be the beneficiary. However, any Euro up move should be at a slower pace because of overall slowdown in Europe. Though German confidence level is inching up, but it is not enough Market will remain choppy and nervous due to uncertain market condition. News flash from Washington will surly move the market accordingly.

Euro has strong support around 1.3470-80 zones, should hold for a gradual move towards 1.3560-70 area. The key levels to watch are 1.3410 and 1.3625.
GMT 4:24 – GBP @ 1.5970 = Cable is suspect around 1.6010 and unless move beyond 1.6050-60 levels. see risk for a drop needs to break 1.5890 for more losses towards 1.5850.
GMT 4:27 – JPY @ 98.52 = Today’s trend is very similar to yesterday’s range given of 98.10 — 90. Break would see 75 pip either way move.
GMT 4:32 – AUD @ 0.9520 = Aussie is struggling to continue its one sided uptrend and may struggle unless make a clean break of 0.9570-80 levels. However, support is around 0.9450-70, which may not be easy to surrender.
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