EURO has taken a strong 21 days EMA support in the weekly charts and holding below the 100 day EMA in daily charts. Break of 1.46 would target 1.42 levels in Euro. Bias still maintains bearish and shorts close to 1.4720 can be taken for target 1.46 and lower. (EURUSD - 1.4645) Bearish.
Cable is maintaining its crucial support again at 1.62 levels. Currently it has been trading in a thin range but still looks bearish in near term. A break below 1.62 levels would target 1.5850 (weekly lower Bollinger) levels soon. It is important that 1.62 is a very strong support of the long term weekly trendline.Shorts close to 1.6380 levels can be done targeting 1.62 support again. (GBPUSD- 1.6305) Bearish.
The JPY looks to be range-bound today between 89 levels on the higher side and 88.35 levels on the lower side. A break of the 89 levels can lead it to test the next important resistance of 89.40(55 daily EMA). Bias for the yen stays bearish for short term targeting 90 plus. (USDJPY- 88.88)Neutral.
AUD is trading below the weekly trendline resistance and we are looking at 0.8800 levels soon. Shorts at 0.9150- 0.9200 levels can be initiated for 200 pips.(AUDUSD - 0.9108) Neutral to Bearish.
Gold's fall from 1227.5 extended further to as low as 1110.2 last week and the break of 1130.1 support, as well as the sustained trading below the near term channel, indicates that rise from 931.3 has likely made a top already. Initial bias will remain on the downside this week as long as 1148.4 resistances hold. Further decline should be seen to 50% retracement of 931.3 to 1227.5 at 1079.4 next. On the upside, above 1148.4 will turn intraday bias neutral and bring recovery. Shorts close to 1132-1140 should be initiated for 20-30 dollars.(Gold - $1125) Neutral to Bearish.
Dollar index retreats to 76.25 earlier yesterday on dubai world bailout news but overall stays bearish. The greenback is also supported by crude oil's weakness as it hovers below 70 level while Gold lacks any strength for a meaningful rebound. While some more sideway consolidations could be seen in the US session today, dollar index maintains strong this week targeting 77.5 plus. (DI - 76.35) Neutral