Rupee : Rupee moved up to 48.50 levels but unable to break 48.60 resistance to change the bullish bias. It is likely to be rangebound between 48.10 to 48.25 today. Please note if the dollar momentum continues and Indian stocks sell off pushes rupee above 48.60 we would consider medium term weakness to resume till then rupee maintains stronger bias. Neutral (USD/INR : 48.16).
Euro : Euro is holding near its immediate resistance at 1.4220 levels after taking support from its trendline at 1.41 . Immediate term bias remains bearish for target of 1.4007 . Only a break and close above 1.43 would make the outlook bullish..Slight Bearish (EUR/USD 1.4222)
Sterling : Cable also took a trendline support close to 1.6370 levels and moved up to 1.6560 . It stands bearish below 1.6620. Current bias is slightly bearish and ONLY a break of 1.6250-6300 (weekly trendline& 55 day EMA) would confirm a trend reversal for the pair and target 1.58 again. (GBP/USD 1.6507) .Slight Bearish
Yen: Yen broke the weekly trendline of 95.40 after a long phase of consolidation . Expect the levels to act as an important support now and target 99 levels in medium term. (USD/JPY 96.06) Bearish.
Aud : Aud seems to be entering into correction mode lately .We have started witnessing sell off in commodity prices . It is bullish until we see a break below 0.7950. (AUD/USD -0.8350) In Correction Mode.
Gold : Gold has also seen correction lately. Bullish only above 960 dollar otherwise rangebound. (Gold- $949.62). Rangebound
Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) rebounded close to 77 levels. Expect retracement till 80 levels.Closing above 82 levels would change the bias of the index. (Dollar Index - 78.77) Neutral
For more FREE Technical Reports on Currency Analysis and Commodities Analysis, Visit us at www.indiaforex.in Email : firstname.lastname@example.org
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.