Rupee :Rupee had broken the trendline of 48.10. As discussed ONLY holding below 48.10 would have changed the trend towards rupee bullishness but the dollar recovered fast breaking 48 again on the upside. Holding above 48.10 is still rupee bearish . Caution : Only if we get another closing below 47.85 the stands reversed. Still Bearish (USD/INR : 48.10)
Euro : Euro maintains its range of 1.39 and 1.41. Break of the range which has been held over 15 days would determine the breakout trend. The trend was expected to be bullish only if 1.41 held strong. Breaking of 1.3950 would negate the bullish trend of euro again. Stay bearish below 1.3950. (Eur/Usd:1.4040) Neutral
Sterling :Cable broke past its important resistance at 1.6660 to reach a high of 6744 but it came to be false breakout POST poor UK data . It maintained its fall and intensified despite poor US data in evening. Important support now at 1.6400 levels breaking which we could see extreme bearishness till 1.5959 levels (Weekly trendline support). View turns bullish only if 1.6660 breaks and holds above it. (Gbp/Usd: 1.6450). Range bound
Yen :Dollar-Yen pair is trading sideways confined between the cluster support of 94 levels and resistance of 99.55. We should not initiate positions until this wide range breaks on either side. (USD/JPY : 96.80) Rangebound.
Aud : Remains bearish overall below 0.8050. 2 closings above 0.8100 would negate the view. Corrections in commodity prices is still expected across. Bearish (Aud/Usd: 0.8056).
Gold :Gold was unable to hold above 943 dollars and fell down close to 20 dollars in the US Session. Still holding bearishness. (Gold- $929.00). Bearish.
Dollar Index :Dollar index extends the rebound from 79.56 and is set to take on 80.94. We're anticipating a break of 80.94 resistance to signal resumption of rise from 78.33, to be confirmed by break of 81.36/47 resistance zone. Further rally should be seen to next key resistance at 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64). in such case. (DI- 80.10) Still 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.