Asad Rizvi
US Dollar once again traded in a narrow trading band against Euro. It lost its sheen versus JPY, as rising US bond yield and weak Nikkei support strong Yen. Cable is finding tough to climb as UK economy has shown some signs of fatigue and today's weak Retail sales could further dampen the sentiment. Aussie took another round of beating, as there is a risk of rise in unemployment that that could fore RBA for another rate cut. While today's economic data will provide some more hint about US economy's next direction.
The reason for USD consolidation in NYK could be due to poor bank result announcement by the US banks hitting stocks that gave strength to US bond and Japanese Yen some more breathing space. Market still looks unsure after last week's weak Non Farm Payroll data and trying to make adjustment. Despite some uncertainty, there is no confusion about US economy that has so far shown clear signs of growth.
GMT 3:06 - GOLD @ $ 1243.50 = In Asia gold should hold around $ 1240 levels for a move towards $ 1246-48 zones, which good for quick trade and profit should be taken, before falling to test $ 1240-42 zones, but needs to break for $ 1235. Upside violation risks tests of $ 1253-55 zones.
GMT 3:15 - EURO @ 1.3617 = We are faced with similar situation as of yesterday. Euro may find top around 1.3530-50 zones and is required to surpass for .670-80 zones. However, a fall below 1.3570-75 is required to test crucial 1.3540-50 zones. Bias is still on the downside.
GMT 3:20 - GBP @ 1.6337 = Watch support 1.6310 only break risks for test of 1.6270-80. On the up barrier is at 1.6260, then 1.6390 and lastly 1.6425. But selling pressure should dominate on the rise.
GMT 3:23 - JPY @ 104.30 = I am expecting JPY to hold around 104.40-60 levels for 104.05. Break will encourage for test of 103.80-90 levels. Or else 104.85.
GMT 3:27 - AUD @ 0.8806 = Aussie has weak tone, but should remain locked in 0.8770 and 0.8830 range. Top and bottom can be picked with 30-35 pip Stop Loss.
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.
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ReplyDeleteGMT 3:06 - GOLD @ $ 1243.50 = In Asia gold should hold around $ 1240 levels for a move towards $ 1246-48 zones, which good for quick trade and profit should be taken, before falling to test $ 1240-42 zones, but needs to break for $ 1235. Upside violation risks tests of $ 1253-55 zones.
ReplyDeleteEURO @ 1.3617 = We are faced with similar situation as of yesterday. Euro may find top around 1.3530-50 zones and is required to surpass for .670-80 zones. However, a fall below 1.3570-75 is required to test crucial 1.3540-50 zones. Bias is still on the downside
ReplyDelete
ReplyDeleteGBP @ 1.6337 = Watch support 1.6310 only break risks for test of 1.6270-80. On the up barrier is at 1.6260, then 1.6390 and lastly 1.6425. But selling pressure should dominate on the rise.
JPY @ 104.30 = I am expecting JPY to hold around 104.40-60 levels for 104.05. Break will encourage for test of 103.80-90 levels. Or else 104.85.
ReplyDeleteAUD @ 0.8806 = Aussie has weak tone, but should remain locked in 0.8770 and 0.8830 range. Top and bottom can be picked with 30-35 pip Stop Loss.
ReplyDeleteHello sir
ReplyDeleteWent long in gold @ 1241.50... but it seems that 1243-44 has offered quite some resistance... is morning gold view unchanged...
thanks
I always say, when not comfortable square. Do not wait for my post...........
ReplyDeleteI already did square it with small profit...
ReplyDeleteIs long again near 1240 advisable?
sir went long gold at 1240.. where to apply stops??
ReplyDeleteGBP @ 1.6330 = So Cable has found support at 1.6310 and could make another attempt towards 1.6360-80 zones............if breaks 1.6280......
ReplyDeleteAUD @ 0.8788 = If went short Aud book your profit around 0.8782-88.......
ReplyDeleteJPY @104.40 = JPY buying is not preferred. 104.20-25 may hold for 107.70....
ReplyDeleteSorry for 104.70............
ReplyDeletesir any thing about gold
ReplyDeletemanav, you know that when I keep quiet, it means no change in view......
ReplyDeleteGOLD @ $ 1241.50 = This is probably last upside side attempt before NYK enters in full swing failure to clear $ 1242-44 now risks for a test of $ 1235-37 zones.......
ReplyDeleteGOLD @ $ 1242 = I would prefer long t square around $ 1242-43........
ReplyDeleteHi sir
ReplyDeleteGbp Long closed and if now short then where to put SL
Thanks
Moeen GBP @ 1.6342 = interesting query, which is against my view, I am still looking for higher Cable and would want buyers to hold with Stop Loss 1.6310 for a move towards 1.6360-80 zones. Now you may take that as stop. Do not ignore my morning upside levels for GBP, which could be possibility.
ReplyDeleteActually I am short from 1.6442 so SL above or close to 1.65 will be fine to take risk after USA open.
ReplyDeleteThanks
Ok, but bad US data will give excuse to buy Pound...........
ReplyDeleteGOLD @ $ 1243 = sell around $ 1243-45. stops $ 1248..................
ReplyDeleteGOLD @ $ 1245 = Hope you have picked the top do apply Stop loss...........
ReplyDeleteEURO @ 1.3573 = Book your profit around 1.3565-73.cheers
ReplyDeleteEURO @ 1.3568 = Long Euro around 1.3562-68. Stop loss 1.3535............
ReplyDeleteGOLD @ $ 1243.50 = Square Gold position as there is risk for test of $ 1248 level.............
ReplyDeleteGold @ $ 1243 = could hold $ 1240 for $ 1248..........
ReplyDeleteCarrying 3-Position................
ReplyDeleteLong Gold @ $ 1243
EURO around 1.3565
GBP @ around 1.6330
JPY @ 104.35 = Yen could test 104-10-20. Nothingg to suggest
ReplyDeleteGOLD @ $ 1249 = Book your profit around $ 1249-52...cheers
ReplyDeleteGOLD @ $ 1248.50 = There is risk if $ 1244-45 hold we see more gains towards $ 1252-55.....
ReplyDeleteGOLD #+@ $ 1248.50 = Buying around here is not recommended, as risky. Will pick top to sell.........
ReplyDeleteOk pals, end of a fine day and excellent week.
ReplyDeleteHope you guys did well this week
Suggest squaring of Euro & GBP positions or if you wish to carry then please do apply Stop Loss............
Have a nice weekend............................Cheers