Rupee reached our exact target of 49.20 levels and corrected lower. We would favour going longs around 48.75 levels (importers cover). Despite up move in stock markets rupee is still showing bearish moves which indicates bearishness in rupee. Moroever slight strength in dollar across pushes rupee down severely. We maintain further bearishness in rupee in medium term. Only and Only if we get support from dollar strength and bearish momentum in stocks ,commodities and dollar index we could see rupee at 50 levels soon. Bearish (USD/INR : 48.86)
Euro had a massive sell off yesterday and took trendline support close to 1.4180 levels. Staying below 1.4180 levels would break the weekly trendline for the pair.. Shorts can be initiated around 1.4350 to 1.4400 and longs around 1.4180 levels. (EUR/USD 1.4275) Neutral
Pound is holding below its weekly trendline resistance at 1.6450. Look at selling at upticks. Immediate sell target is 1.6350-6400 levels. Staying below 1.6200 would target 1.58. (GBP/USD 1.6262) . Bearish
Yen has again entered the weekly triangle consolidation pattern between 92 to 98 levels. Risk aversion and Risk appetite has been playing sea-saw since last couple of months. The triangle pattern is very much visible within the weekly range. Buy at dips close to 92-93 and sell at 97-98 levels remains the strategy.Medium term target is 90. (USD/JPY 92.42) Rangebound
Aud maintain the bullish bias. Buying at dips close to important supports remains the best strategy in the current market scenario.Only a continous move below 0.8200 would break the trendline and stand bearish for the pair. (AUD/USD -0.8373) In Correction Mode
Gold broke the weekly trendline resistance and had a bullish momentum yesterday despite weakness in equity and oil prices as investors considered it to be a safe haven . Buyers can hold long positions for the target $985.(Gold - 976.90) Bullish.
Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) needs to break the levels of 79.50 to maintain strength again. Keep an eye on this level. (Dollar Index - 78.30).Bullish
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DISCLAIMER These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy.