Friday, February 14

Asad Rizvi

Once gain we have witnessed disappointing US data, bad weather is mainly responsible for such a poor showing that may drag on for sometime, as weather conditions in USA continues to be very depressing that will have lag effect on the economy, which may prolong. However, this will not change FED stance as the current release if data is not very alarming and unless economy takes real  bad shape FED has nothing to worry about.

Meanwhile, Europe too had started to slowdown and today's release of German and European GDP will provide more clue about the Euro-zone economic performance. Poor data release should once again ring the alarm bells and market will start talking of rate cut and liquidity injection, similarly evidence of better growth in the Euro region will give European currency boost that could see new highs.       

GMT 3:22 - GOLD @ $ 1304  = Gold is moving in line of my weekly forecast, as I have warned earlier that break of $ 1295-98 zones would risk for a test of $ 1325-30 zones. now needs to make a clean break of $ 1315 and should hold $ 1295-97 zones or else $ 1285.

GMT 3:29 - EURO @ 1.3680 = Euro needs to push beyond 1.3710 for test of 1.3745-50 or risk is for a fall but needs to break 1.3648 for 1.3610.

GMT 3:33 - GBP @ 1.6654 = There is strong uptrend, but needs to surpass 1.6685=95 levels for 1.6725 or else could dip to test 1.6605-15 zones. However buy will remain active as long as 1.6540-50 levels is protected.

GMT 3:36 - JPY @ 101.82 = JPY has strong resistance around 101.40-50 should hold for 102.25 break would encourage for 102.60 or else 101.10-20.

GMT 3:39 - AUD @ 0.8992 = Aussie will find resistance around 0.9020-40 zones and should not surpass for 0.8950 or else 0.9070.

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.