Rupee : Rupee is holding above 48.70 levels and clearly under the bearish territory above that. The medium term rupee has turned bearish followed by the bearish move seen in stocks and break of 79.29 (trendline resistance) in dollar index . We are targetting 49.20 and higher medium term.Slight bearish. (USD/INR : 48.80)
Euro : Euro unable to hold above 1.4300 levels and broke down. It has broken the daily trend and hence the bias is down. But the weekly trend which determines the medium term view of euro would be broken once euro stays below 1.3852. Bearish (EUR/USD 1.4101)
Sterling : Cable was unable to hold above 1.66 and corrected towards 1.6450 once again. Bias is slightly bearish below 1.6450 levels . Break of 1.6250 would confirm a trend reversal for the pair and target 1.58 again. (GBP/USD 1.6340) . Bearish
Yen: Yen has again entered the weekly triangle consolidation pattern between 92 to 98 levels. Risk aversion has again gained control and break of the triangle pattern would decide the medium term trend of the pair. (USD/JPY 94.98) Slightly bullish
Aud : Aud seems to be entering into correction mode lately .We have started witnessing sell off in commodity prices . It is neutral to slightly bullish until we see a break below 0.7950. Continous move below 0.8150 would stand bearish for the pair. (AUD/USD -0.8243) In Correction Mode
Gold : Gold has also seen correction lately.Bullish only above 960 dollar otherwise rangebound.(Gold- $939.04). 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 - 79.20) 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.