Rupee nearing our target of 49.20 plus levels. Dollar strength was seen globally yesterday vis-a-vis the cross currencies. Despite up move in stock markets rupee is still showing bearish moves which indicates bearishness in rupee. Exporters can start booking around 49 plus levels. Bearish. (USD/INR : 48.97)
Euro fell together with sterling after resilient moves last 2 days. Staying below 1.40 levels would shift the strategy to the downside. We have to be careful since all the charts are overbought and signs of decline are seen in other major pairs. The weekly trend which determines the medium term view of euro would be broken ONLY once euro stays below 1.3852-1.4000 levels. (EUR/USD 1.4242)
Pound is holding below its weekly trendline resistance at 1.6450, look at selling at upticks. Immediate sell target is 1.6300 levels.Only a break of 1.6200-1.6250 would confirm a trend reversal for the pair and target 1.58 again. (GBP/USD 1.6213). Neutral
Yen has again entered the weekly triangle consolidation pattern between 92 to 98 levels. Risk aversion and Risk appetite has been playing sea-saw since last couple of months. The triangle pattern is very much visible within the weekly range. Buy at dips close to 93 and sell at 97-98 levels remains the strategy. (USD/JPY 93.61) Rangebound
Aud maintain the bullish bias , immediate strategy would be to buy on dips.Only a continous move below 0.8200 would break the trendline and stand bearish for the pair. (AUD/USD -0.8267) In Correction Mode.
Gold has also seen correction lately.Bullish only above 960 dollar otherwise rangebound.(Gold- $944.16). Rangebound
The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) needs to break the levels of 79.50 to maintain strength again. Keep an eye on this level. (Dollar Index - 78.61).
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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.