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Foreign Exchange Market Looking For Direction – Nov 19

November 19, 2013

Inter–action with my Blog Subscribers……

 6:18 AM  GOLD @ $ 1272 = If you went short around $ 1277 hold your sale.
For fresh trrde sell around $ 1272-74. Stops $1278, as break of $ 1268-89 will enocourage for $ 1265………….
6:28 AM  as usual pick top around $ 1273-74…….
8:02 AM   AUD @ 0.9435 = Profit should be booked around 0.9435-40. Though another 30 pip gain is possible………
8:08 AM  EURO @ 1.3542 = Nearing top Selling around 1.3542-50, prefer picking top of the range with Stops 1.3580………..
 8:13 AM  GBP @ 1.612- = View remains uncahnged cap around 1.6145…….
9:56 AM   GBP @ 1.6092 = Book your profit around 1.6085-92……..Cheers
10:03 AM  EURO @ 1.3508 = Book your profit around 1.3502-08……………….
10:08 AM GOLD @ $ 1274 = Suggest squaring and profit taking around $1273-74, as the expected did not occur. ………….
Do not Hold……………..
10:13 AM  Sir, any changes in Yen?
10:22 AM  Well, the strength of Yen is caused by fall in Japanese stocks and gain in US Tresury yields. I am expecting European stock market to recover later in the day, as DOW is expected regain its strength today and hence US 10-year yield should climb towards 2.70. This would weaken Yen, but 100.10-20 will remain barrier unless clears that will see stronger Yen.
10:26 A  next in gold as now no position do u see in gold in upside break above 1280
10:29 AM  I am not clear about the trend right now, this is why I have asked to close all gold positions.  You will know my view hwen I make a next post on Gold…….
11:26 AM  sir view about cable same!! shall go long around 1.6050!!
 11:57 AM  GBP @ 1.6077 = Yes, view on Cable is unchanged……………..
1:07 PM  about gold waiting for us open
1:11 PM  Yes, by the way $ 1278-80 seems to be holding well so far………..
2:19 PM  sir i think today is a quiet day for u n for markeyt
2:31 PM   Trade is done with a purpose to make money, not for the sake of trading and loose money unnecessarily. Discipline is the key.
Gold is trading in $ 3 band, after minor taken in Gold.
Yen has reached my given band 100.10-20
Profit has been taken in Euro position.
Booked profit in GBP.
Booked proft in AUD.
Waiting to book profit in GBP.
Though small, it is still 5 out of 5 five.
What more is expected from me…….Cheers
2:39 PM  Sahab, currently holding yen position @99.900… hold it or square it… ur thoughts?
2:51 PM  I am expecting another test of 100.10-20 could break as sign are possitive. However, squaring of position is prefered as it will give you mental peace and you can enter next trade with fresh mind……….
Or
Hold with STOPs around 99.80-90 levls that suits……………
2:55 PM
GBP @ 1.6112 = book your profit aroun d 1.6112-18…………cheers
2:57 PM  Thank you Sir, I’ll take the risk of holding it. Let me know your updated thoughts on yen if it breaks the barrier….
3:00 PM  I have a clear view if fails to move beyond 100.20-25. we could see another test of 99.50-60, could be deeper.
Now it is for you to call the final shots, becuase my strategy is that when I leave I always prefer to go home with a square position………………
3:01 PM
Ok pals, though slow but another excellent day….
Cheers until tomorrow……………… 

DAILY COMMENTARY

Once again in the absence of any major economic data, speeches by the FED officials dominated the market, but there is nothing very clear or impressive, as market awaits for more clues about the direction. US Dollar is gradually easing, as market is sensing delay in tapering after Yellen spoke in favour of attaining more growth and better job conditions in front of the Banking Senate Committee.
In the absence of release of any major US economic data, I do not have too much to add today. RBA in its minutes had nothing much to add as it kept balanced approach on its next move. It will probably wait for more Fed clues on tapering.
While, German & European ZEW that measures institutional investors economic sentiment is expected to be released today and is likely to show improvement should give boost to the Euro-zone currency looking for breakout because better data will also help to reduce pressure on ECB easing stance. But disappointing number could backfire that may add to easing sentiment.

Updating soon…..

Twitter @asadcmka………

GMT 3:01 – GOLD @ $ 1273.80 = Gold may test $ 1277-78 zones in Asia before easing. If support $ 1269 surrenders, fall could extend up to $ 1264-65 zones. Unless gold clears $ 1287-90 levels, there is threat of bigger fall.
GMT 3:02 – EURO @ 1.3512 = Euro may exhaust before reaching 1.3535-45 zones and unless break 1.3560-70, risk is for downside. Needs to break 1.3470-80 for deeper fall towards 1.3440-50, which is a strong support zones.
GMT 3:07 – GBP @ 1.6111 = We could see identical move in Cable as of yesterday, as initially cap around 1.6145 could see a a fall extending towards 1.6080-90 zones. However, buying on further dip will be preferred, as support lies around 1.6040-50 for new highs. Break below 1.6010 confirms more losses.
GMT 3:14 – JPY @ 99.75 = Two things that is driving the currency is weak Nikkei & US 10-years bond yield gains. Yesterday I have frequently pointed out that barrier 100.15-20 needs to be cleared. Failure saw Yen gains. If if the Japanese currency gains beyond 99.40-50 it will not be threatening, as Yen should be sold around 99.10-20 levels with Stops 98.70 for 150-200 pip profit.
GMT AUD 3:22 – @ 93.72 = If Aussie holds 93.40 could test 94.20-30 zones or else 93.10-20.

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