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Global Markets:
The Dollar rose versus other major counterparts, while falling against the yen and Swiss franc, on renewed concern about the European financial system. Risk-aversion continued to dictate market direction, with the Yen touching a fresh 15-year low against the dollar of 83.41 after Japan's current account surplus widens more than expected as global demand increases. Meanwhile EUR slid from 1.2800 to 1.2682 on the defensive as scare over the euro zone banking system. The AUD was pushed lower on neutral comments from the RBA after they held at 4.5% and news emerged that Labor would be forming a new government along with its proposed mining tax. Elsewhere, Sterling was weaker against the greenback but made good gains against the souring Euro. Cable Found support at 1.5300 and bounced in the US session
Technical Outlook:
EURO: Euro plunged yesterday to the lows of 1.2675 levels in the evening as the concerns about the health of the European banks brought in risk aversion. Support is seen at 1.2653 levels which is likely to be tested today. Resistance of 1.2920 (21 Days Weekly EMA) levels should hold. We maintain our bearish bias in the pair, thus selling on upticks is recommended. Exporters in EuroInr can look for covers near 60 - 60.50 levels for the near term, whereas the importers can hold until 59.20 levels. Medium term bias: Bearish.
GBP: Pound is currently trading at 1.53720 levels whereas it lowered to as much as 1.5297 levels yesterday. Resistance of 1.5490-1.55 levels remains intact. Immediate support comes near 1.5340 levels. Overall picture remains range-bound to bearish in the pair and additional weakness is possible in near-term till 1.5256(200 daily EMA). Exporters in pound can look for partial covers around resistance area of 72 - 72.20 levels. Medium term tone: Neutral to bearish.
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JPY: UsdJpy pair nose-dived as demand for Yen increased post the economic assessment which kept the Japan's key rates unchanged and stated that Japan "shows further signs of a moderate recovery." Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term in the pair. We might see the downmove continuing towards 83.00-82.80 in the coming days. We maintain our downside view in the pair seeing the next support near 80 levels. Outlook for Yen: Neutral to Bullish - Target 80.
AUD: Aussie is currently trading at 0.9120 levels which dropped from 0.9170 levels. Resistance of 0.9180 - 0.9200 levels remain intact. Support is seen at the psychological levels of 0.90 levels. Overall Bias remains: Rangebound.
GOLD: The yellow metal (1257) has risen being the favourite commodity for the risk-averse traders. Renewed concerns about the European banking sector triggered the rise in the price. A further rise towards $1275 is looking likely in the coming days. A weekly close above $1250 would be very bullish. Overall bias remains Bullish in Gold .
Dollar Index: Dollar Index rose yesterday as risk aversion came following the concerns shown on the European banks. It is currently trading at 82.80 levels. Immediate cluster resistance comes at 83.45 levels, if it sustain above that resistance levels then next target is seen at 85.40 levels. Bias Strong
