USDINR : Rupee closed a little strong at 46.47 on broad dollar weakness overseas. It is likely to be in the range of 46.20 to 47 till December end. We are likely to witness some profit booking in global asset classes before December which can make the rupee slightly weaker towards 46.90 levels again. The overall trend if rupee still remains bullish. (USDINR 46.58) Bullish
EURUSD : EURO had a bullish momentum yesterday. It had slipped below the bearish channel but it soon recouped again and touched 1.50 taking support from 1.48 levels. Euro would maintain bullishness only and only if their is a potential move above 1.50 today again but incase we see levels of 1.49 breaking again it would be a false breakout and retesting of 1.48 again looks plausible. Below 1.5062, nothing is confirmed and bearish reversal scenario is still wide open. (EURUSD-1.4944). Neutral to Bullish.
GBPUSD : GBP moved strongly yesterday and topped at 1.6647 but failed to stay above 1.6600 areas so far, keeping the bearish scenario intact with technical bearish target remains at 1.6400 and 1.6250 area. The bias is neutral to bearish in nearest term. Only a move above 1.6692 could be a serious threat to the bearish outlook. Immediate support at 1.6550. Break below that area should trigger further bearish momentum at least towards 1.6475 areas. Initial resistance at 1.6647 (yesterday's high).(GBPUSD- 1.6569) Neutral to bearish.
USDJPY : JPY attempted to push higher yesterday, bottomed at 88.56 but still unable to escape from my range area of 89.40 - 88.80/60 . The lower trend of the range area has been tested more that the upper line indicating the pressure is more to the downside. However, this fact also has another consequence that if price keep fail to move below 88.80/60 consistently, the bearish power may exhaust and trigger bullish momentum. The bias remains neutral as price still trapped in the range, and my strategy remains the same, to buy around 88.80/70 or to sell around 89.40 with tight stop loss about 70 pips. (USDJPY - 88.86). Neutral.
AUDUSD : AUD made a significant technical move yesterday, violated the bearish channel indicating potential bearish failure but never really had a convincing bullish momentum. The bias still remains neutral important support level to be watched today is 0.9180 areas. Break below that area should trigger further bearish momentum. Initial resistance at 0.9276 (yesterday's high). Break above that area should trigger further bullish momentum testing 0.9327 areas. (AUDUSD 0.9213) Neutral to Bullish
Gold : Gold's rally resumed by taking out 1153.4 and reaches another record high of 1167.8. Short term target of 161.8% projection of 985.5 to 1072 from 1026.9 at 1166.9 is met but there is not sign of topping yet. Short term outlook will remain bullish as long as 1132.5 supports holds. Sustained trading above 1166.9 will target 1200 psychological resistance next. On the downside, below 1132.5 will indicate that a short term top is formed, possibly with bearish divergence in short term charts. Some pull back should be seen but downside should be contained above 1072 resistance turned support and bring rally resumption. (Gold $1167.33) Bullish
Dollar Index: Dollar index's break of 75.21 minor support indicates that recovery from 74.68 has completed at 75.88 already. The corrective structure argues that dollar index is not bottomed yet. Intraday bias is mildly on the downside for the moment and deeper decline could be seen to 74.68 low below. Though, we'll look for some strong support at next key level of 74.31.The Dollar Index (DX) gained in yesterday's trading session to close at 75.66. It is trading above its 21-Day Moving average. For the day, support is seen at 75.13/74.60 whereas resistance is seen at 75.95/76.30. (DI -75.20).Neutral to Bullish