Rupee :Rupee broke the range of 48.10 to 48.60 and broke below 48.00 due to dollar sell off in overseas markets against the majors. Rupee needs to maintain below 48.00 levels to maintain strength in the next 2 days. Only a break of 48.10 again would push the rupee again on a range bound track. Mild Bullish.(USD/INR : 47.85)
Euro : Euro has made a weekly close above 1.4150 which has turned the outlook bullish. Though bullish further strength till 1.45 could only be seen once euro breaks 1.4303 (previous resistance)on a closing basis. The month - end gains on Friday should sustain for the next 2-3 days to maintain strength.Avoid initiating longs until 1.4300 holds. Mild Bullish . (EUR/USD 1.4240)
Sterling : Cable broke the 1.6550 levels on a weekly basis which has turned outlook slightly bullish for the pair. It is important for the pair to maintain strength above 1.6732 to head towards a 1.70 levels. Incase it dips below 1.6550 levels again the outlook would turn range bound again.Avoid initiating longs until 1.6750 holds.(GBP/USD 1.6734) . Mild Bullish
Yen: Yen broke the weekly trendline of 95.40 levels yesterday but unable to sustain above 95.40 levels. The charts are indicating rangebound to mild bullish patterns for the yen. We need a weekly close above 95.50 to make the yen bearish. (USD/JPY 94.70) Mild Bullish
Aud : Aud has been maintaining a stronger bias from the last 2-3 sessions. It is maintaining a stronger bias until we see a break below 8150 . (AUD/USD -0.8380) Bullish but Overbought.
Gold: Gold took a smart rebound yesterday due to increased buying in commodities across.Slightly bullish due to increased buying across commodities and precious metals and sell of dollar. Break of 960 dollars would start a new bull run for gold till then a rangebound market.(Gold- $954.58). Rangebound.
Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) has tested the June lows at 78.31 . We should once again expect to hold at 78.25 -- the 61.8% retracement of the rise from the 71.29 low to the 89.50 high. Weekly close and sustain below 78.25 would make outlook bearish. (Dollar Index - 78.32) Range Bound.
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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.