USDINR : Rupee reached to 46.80 as expected due to profit booking seen in dollar short positions and Dubai default concerns. Further weakning can be expected incase 46.80 breaks with conviction. We are likely to witness some more profit booking in global asset classes before Decemeber which can make the rupee slightly weaker. Our importers clients had already booked close to 46 levels couple of days back and exporters start booking from today (46.80 onwards). Medium term trend. (USDINR - 46.80) Bullish
EURUSD : EURO is making a rising wedge pattern with clear divergence in the daily and weekly charts. Usually this kind of pattern leads to a strong correction downwards. The levels of 1.5060 broke but we did not get a closing above that level for couple of days to maintain further bullishness. The level of 1.5060 has broken decisively with fall in crude also hence the outlook is bearish for a good move downside. Till 1.4650 in medium terms. (EURUSD-1.4929). Neutral.
GBPUSD : GBP was unable to hold on to its gains as expected and break of 1.6650 levels moved down the pair to sub 1.6400 levels. Buying can happen slightly near 1.6360 levels but break of that level would be quite bearish for the pair targeting 1.6250 levels.(GBPUSD - 1.6388) Bearish.
USDJPY : JPY gave us the breakdown below range area at 88.80 signaling bearishness. The target seems to be 85 next.(USDJPY - 86.35) Bullish.
AUDUSD : AUDUSD moved down as expected (refer yesterday's chart). Staying below 0.9050 would push the pair to 0.8800 levels. AUD is unable to rise despite higher GOLD prices seen across; Downside Pressures are mounting in aud again. (AUDUSD - 0.9032) Neutral.
Gold : Gold's rally resumed by taking out $1153.4 and reaches another record high of $1193. Signs of topping are getting evident in gold and shorts can be initiated close to $1190 for target of $30.(Gold - 1186.10).Stochastic Overbought
Dollar index: Dollar index is taking support close to 74 levels . we are moving towards 75.88 levels soon since gold also seems to top. (DI - 75.145) Neutral