Rupee is expected to move close to 48.30 levels (slight weak) in case dollar maintains momentum in international market like Friday. We would consider it has an opportunity to initiate short dollar positions.The Indian stocks has been falling from the last 2 trading sessions. Only and Only if the dollar momentum continues and Indian stocks sell off pushes rupee above 48.60 we would consider medium term weakness otherwise rupee maintains stronger bias.(USD/INR : 47.78)
Euro broke the support of 1.42 levels on Friday despite better payroll data. We maintain bullishness only and only if 1.42 above stays otherwise we could see corrections till 1.4007 levels. Wait for the confirmations today to initiate positions.(EUR/USD 1.4198)
Cable showed both sides move post non farm payroll ending the US Session on a weaker note close to 1.6660 levels. It has shown a shooting star bearish pattern taking resistance from the 100 day Weekly resistance at around 1.7060 levels. It needs to remain above 1.6750 to maintain bullishness in the pair. Current bias shifts to neutral since 1.6732 has been broken to the downside. Expect corrections till 1.65 levels incase it is unable to stay above 1.6750. (GBP/USD 1.6711) .
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 97.20).
Aud has been maintaining a stronger bias from the last few sessions.We have not witnessed huge corrections in commodity prices despite dollar buying on Friday.It is bullish until we see a break below 0.7950.(AUD/USD -0.8384).
Gold maintains bullish bias above 950 dollars. Buy on dips around 950-953 dollars for 10 dollars. Break of 960 dollars has started a new range for gold. Bearish only below 935 dollars. (Gold- $954.75).
The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) rebounded close to 77 levels. Expect retracement till 79.50 levels.Closing above 82 levels would change the bias of the index. (Dollar Index - 78.80).
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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.