Rupee : Rupee maintained strength breaking the trend at 48.00 levels. Rupee stands bullish immediate term. It has reached the first target close to 47.41. Look for shorts near 47.80 - 48.00 levels . It is strong due to huge inflows and excessive dollar weakness driven by liquidity in international markets. We should remain cautious of any impending short term reversals in dollars in international markets which would get us a move above 48 soon. Mild Bullish.(USD/INR : 47.54)
Euro : Euro broke above 1.4303 and moved the euro till 1.4446 levels. We maintain bullishness till 1.45 levels and slightly higher until 1.42 breaks. Buy on dips remains the strategy until reversal signs are seen . (EUR/USD 1.4387) Mild Bullish
Sterling : Cable broke 1.6732 levels and reached 1.70 immediately in yesterdays trading session. Buying on dips remains the strategy until reversal signs are seen . (GBP/USD 1.6940) . Mild Bullish
Yen : Yen broke the weekly trendline of 95.40 levels 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 95.08) Mild Bullish
Aud : Aud has been maintaining a stronger bias from the last 2-3 sessions. It is bullish until we see a break below 8150 . (AUD/USD -0.8420) 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 selling of dollar. Break of 960 dollars would start a new bull run for gold till then a rangebound market.(Gold- $954.54). Rangebound
Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) broke the important support of 78.33. It is expected to touch the low of 77 and rebound.(Dollar Index - 77.67) Bearish.
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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.