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Thin Activity To Dominate Market Until Year end – Dec 27

December 27, 2013
US Dollar has been trading in tight ranges and may soon find bottom, as US data this week, New Home Sales and Initial Jobless Claims were better than expectation. Volatility could be caused due to year end book adjustment. There is no release of data announcement today.
Meanwhile, Cable continued its upside trend helped by strong recovery in Housing & Manufacturing Sector. Investors still believe that the UK economy will perform well discarding current strength of Pound Sterling, which may dent exports and tourism.
Japanese Yen inched up towards 105 levels against US Dollar on believe of stimulus package. However, there are reports of disagreement on issues between BOJ board members and this be good cause of correction for Yen, so short Yen around 105 could be a risky proposition. Furthermore year end correction/repatriation could b another possibility. So watch out.
GMT 2:06 – GOLD @ $ 1209.50 = Buy Gold on dip around $ 1206-09. Stops $ 1202, Break of $ 214-16 will push it towards $ 1220. Or else $ 1195.
GMT 2:10 – EURO @ 1.3716 = Euro could test 1.3730-40 zones before making a move towards 1.3685, but needs to break for tets of 1.3665-70 zones or else 1.3750-60 before down again.
GMT 2:15 – GBP @ 1.6432 = Cable could creep up towards 1.6450-60 zones before easing to test 1.6410-15 levels. 1.6495 should not surrender. If makes an early dip should be bought around or below 1.6310 with Stops 1.6370.
GMT 2:19 –  JPY @ 104.90 = I would still prefer Long JPY around 105 levels with STOP LOSS @ 105.40. Break of 104.55 will encourage to test 104.20 zones.
GMT 2:21 – AUD @ 0.8880 = Should hold below 0.8910 for 0.8850-60 break risks for 0.8840. or else 0.8930.

Dec 11 -Gold 2014 Target  Break of $ 1000 for $ 800.

 

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