Asad Rizvi
DISCLAMER : The commentary/information presented is not intended for trading purpose. The idea is to exchange views with the members/readers. Therefore, I accept no responsibility or liability for any losses incurred due to position taking.
From tapering market focus is gradually shifting towards US debt ceiling after Jack Lew announcing October 17, as a possible date that could hit the debt ceiling limit. This is likely to keep traders on its toes, as stock market is nervous. The news could bring more pain for the emerging market, as fiscal drag would probably lead to tighter condition to obtain US Dollar that will make funding cost more expensive.
Similarly in Europe, German economic gains may not be enough to bolster regions economy, which is why Draghi couple of days ago hinted of considering another LTRO. The measures taken by ECB is not helping enough to push growth higher so that remaining economies of Euro-zone is able to improve job market conditions. One of the ECB official has already showed his concern about Euro's strength. German economy may be doing OK, but strong European currency will do no good to the remaining European economies, as it makes European goods less competitive.
Meanwhile, Japanese news agency KYODO flashed "headlines news" hinting that Japan could go for much needed and ABE's promised Corporate Tax cut on October 01 that saw Yen taking a short plunge. But JPY could struggle around 100-101 levels until the final announcement, unless US 10-year bond yield moves up, if yield it moves towards 2.50 pct, Yen may find support.
GMT 3:39 - GOLD @ $ 1330.50 = Gold will be choppy and has support around $ 1320-22. I am expecting god to hold above $ 1324 in Asia. a move towards $ 1338-40 is possible, only break could see a move towards $ 345-48 Or else $ 1310-12.
GMT 3:45 - EURO @ 1.3521 = Likely o find top around 1.3550 zones, but should hold 1.3480-90 or else 1.3450. Any up move should exhaust around 1.3590-95.
GMT 3:55 - JPY @ 98.88 = Japanese currency could witness choppy trading, but bias is for weak Yen, 98.30-40 should hold. Break of 99.20 would see a move towards 99.40-50 or else 97.80.
GMT 4:00 - GBP @ 1.6077 = Bias is on the upside until London opening should hold around 1.6040-50 levels for a move and break of 1.6095-00 for 1.6120-30 levels. break of 1.6010 risk for 1.5980.
GMT 4:03 - AUD @ 0.9368 = Aussie has support around 0.9320-30 levels, but may find strong resistance around 0.9390-00. If support break should see a dip towards 0.927080, before another sharp up move.
DISCLAMER : The commentary/information presented is not intended for trading purpose. The idea is to exchange views with the members/readers. Therefore, I accept no responsibility or liability for any losses incurred due to position taking.
GMT 3:39 - GOLD @ $ 1330.50 = Gold will be choppy and has support around $ 1320-22. I am expecting god to hold above $ 1324 in Asia. a move towards $ 1338-40 is possible, only break could see a move towards $ 345-48 Or else $ 1310-12.
ReplyDeleteEURO @ 1.3521 = Likely o find top around 1.3550 zones, but should hold 1.3480-90 or else 1.3450. Any up move should exhaust around 1.3590-95.
ReplyDeleteJPY @ 98.88 = Japanes currency could witness choppy trading, but bias on for weak Yen 98.30-40 should hold, break of 99.20 would see a move towards 99.40-50 or else 97.80.
ReplyDeleteGBP @ 1.6077 = Bias is on the upside until London opening should hold around 1.6040-50 levels for a move and break of 1.6095-00 for 1.6120-30 levels. break of 1.6010 risk for 1.5980.
ReplyDeleteAUD @ 0.9368 = Aussie has support around 0.9320-30 levels, but may find strong resistance around 0.9390-00. If support break should see a dip towards 0.927080, before another sharp up move.
ReplyDelete
ReplyDeleteAUD @ 0.9398 = Book your profit around 0.9398-05..................
GBP @ 1.6053 = OK after hitting 1.6095 now looking good to atest 1.6010-20 before up again..........
ReplyDeleteGOLD @ $ 1332.80 = You got 2-chances to book profit around $ 1339. Hope you have booked your profit. Strategy unchnaged buy around $ 1330 with Stops $ 1324
ReplyDelete...........
GBP @ 1.6049 = Likley to reamin in a 1.6025-70 band until NYK........Position is not recomended
ReplyDeleteGOLD @ $ 1335.5 = Failure to break $ 1337-38 risk for another test of $ 1330-32..
ReplyDeleteGOLD @ $ 1334 could terst $ 13225-28 if holds $ 1338............
ReplyDeleteEuro profit should be taken around 1.3470-75
ReplyDeletesir what abt gbp!!
ReplyDeleteGBP could test 1.598=70-80, is a buy if seen...........
ReplyDeleteJPY @ 99.92 = Suggest taking profit around 99.92-89...........
ReplyDeletesir i hav a short at 1.6060.. shall cloz it or wait!!
ReplyDeleteDo not favour short today, play from buy side. cover ASAP
ReplyDeletein gold also favour buy on dip
ReplyDeleteGold @ $ 1333.50 = little tricky today, as strong support around $ 1330-32. Seems unlikley to break, hence, would suggest not to go short. Buy on dip with Stops $ 1324..................
ReplyDeleteGOLD @ $ 1330.50 = could still test $ 1327-28..............
ReplyDeletesir what about gold after pending home sales data!!
ReplyDeleteThe downmove has extended below $ 1327-28 on FED oficial statement, now $ 1320 is the next level shoudl hold.............
ReplyDeleteWatchout, news about revision of adding 345.000 jobs is a huge number that supports US Dollar. Squaring of all short US Dollar position is prefered..................
ReplyDeletehe Labor Department on Thursday estimated it will add 345,000 to the level of payrolls in the year to March 2013. That's because it's now including 469,000 who work in providing non-medical care to the elderly, who previously were not counted in the survey. Other changes based on including comprehensive state unemployment insurance tax records saw a 124,000 downward revision. The final benchmark revision will be issued in February 2014.
ReplyDeletesir gold bought at 1323.5 where should clear this ?
ReplyDeletearound $ 1327-29............
ReplyDeleteOK pals, a perfect day spoiled by unexpected news, but overall it was not a bad day at all.
ReplyDeleteThanks..........