Market seemed getting back to normal after signs of stability emerging from Europe. ISDA the Intl Swaps and Derivative Association ruled out payout on Credit default Swaps (CDS) after Greek bond restructuring as rough estimate are that investor’s outstanding, which is minus Central Banks holdings, the debt amount of Greek bond is roughly EURO 150 billion. Market reaction on CDS price trend of debt ridden countries requiring bailout will provide further direction.

Spain had no problem in raising 4.5 billion Euros in bonds in 2, 3 and 5 years. After last year’s German hick-up, no European country faced problem in raising money against issuance of Euro bond.

However, ISM data released from USA is once again depicting that US manufacturing sector may not sustain the ongoing pace, which leads to slowdown of economy.

The two happening slowed the US Dollar’s overnight Bull Run suggesting that US Dollar need more evidence of economic recovery to continue its onward journey. Today’s European data will be watched keenly and positive figure may give further boost to the European currency.  

There is small risk that bad European economic number could see Euro dipping to around 1.3265 zones that may see last leg of Euro’s fall

 

EURO @ 1.3307 = Today I am mildly bullish for the European currency. Dips will be bought around 1.3285-95 with Stops 1.3255. Take profit around 1.3355 or wait for 1.3380

 

GBP @ 1.5947 = Cable is still a good buy as long as it stays above 1.5890. The risk that I see is that it may struggle to penetrate beyond 1.5995, which may force Pound Sterling to test the downside. Hence, prefer to play from bottom or topside of the range, although its needs to crack 1.6020 for further gains.        

 

GOLD @ $ 1720.60 = Gold is still a sell on rise. Hence, should hold below $ 1728 for $ 1710 with risk for a test and possible break of $ 1702 for $ 1694. Upside break of $ 1732 may delay fall.

 

March 01 - RangE TradinG UntiL NeW YorK

http://www.forexstreet.net/profiles/blogs/range-trading-until-new-york

 

 

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Comment by FENWA EZEKIEL on March 2, 2012 at 6:54am

WELL YOUR ANALYSIS HAS ALWAYS BEEN BENEFICIAL TO ALL 4GET ABOUT THOSE CRITICS AND CONTINUE THE GOOD WORK THIS OPEN MARKET WHERE EVRY ONES DESTINY LIES IN HISORHER HANDS SOME OF US ENJOY YOUR BLOG SO KEEP IT UP

Comment by asad rizvi on March 2, 2012 at 7:24am

Euro @ 1.3279 = Watch out! I have already warned in my earlier note that bad Economic number will pull down Euro, so test of 1.3265-70 is possibility. I will buy around those levels with STOPS 1.3230

Comment by adede godfrey on March 2, 2012 at 9:08am

OK SIR

Comment by asad rizvi on March 2, 2012 at 1:05pm

Yes Jason, since yesterday I have lost concentration and not at my best. To be at your best it requires monitoring of every single move. I am still not very comfortable with myself and today got involved in only in two trades loosing 32 pips in euro. Not to worry, Gold is good hedge for me and I am booking a profit and will soon bounce back…..Keep watching for next update.

Comment by asad rizvi on March 2, 2012 at 3:42pm

EURO @ 1.3202 = There is a risk for a test of 1.3155 on break of 1.3175. Expecting a 80-100 pip bounce back from lows of the day

Comment by asad rizvi on March 2, 2012 at 4:56pm

Euro @ 1.3189 =  bounce back to 1.3250 zones

Comment by adede godfrey on March 2, 2012 at 8:49pm

HAPPY WEEKEND TO EVERYONE.MY LAST WORD GOES TO MR RIZVI.PLEASE DONT FEEL BAD ABOUT PEOPLES COMMENTS.CRITICS ARE EVERY WHERE.KEEP D GOOD JOB UP.THOSE THAT ARE INTERESTED SHOULD FOLLOW UR TRADE CALLS.

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