Rupee :Rupee€™s appreciation was strongly intervened around 46.90 levels by RBI yesterday as it started buying Dollars to curb excessive volatility. Support of 46.80 remains important, below which rupee is likely to test our medium term target of 46.00.Exporters should consider selling at upticks .(USD/INR : 47.08). Medium Term Bullish.

Euro :Euro reached as high as 1.4245 yesterday, however retraced to close 100 pips lower. The hourly and 4-hourly charts indicate further correction with support at 1.4078 (21 4-hourly EMA). Sustained trading above those levels can push Euro higher to 1.4363 levels. ECB Policy decision is awaited on June 4th. Until then buying at dips is suggested. (Eur/Usd:1.4163). Bullish above 1.3750.

Pound :Cable resumed rally surging 280 pips to take resistance from the 38.2% Retracement of the fall in monthly charts at 1.6450. The major charts remain flat in the overbought region indicating further upside. Avoid initiating short positions as Cable is still in an uptrend and decisive break of 1.6450 can take cable to test 1.6670. Initiate longs at dips around 1.5950 levels (21 4-hourly EMA) for 150 € 200 pips. (Gbp/Usd: 1.6441). Short term Bullish

Yen :Dollar-Yen pair witnessed huge volatility yesterday as it surged 235 pips from 94.44 lows. Currently the pair is trading below the cluster resistance of 96.60 with the charts reaching the overbought zone. Next resistance comes at 98.25 (falling trendline) below which the outlook remains bearish. Decisive break of 98.25 will change the outlook to bullish. (USD/JPY 96.24).Bearish

Australian Dollar :Aussie€™s rally halted after reaching 0.8153 highs. Sustained trading above 0.80 could bring further strength and may take Aussie to test 0.8375 resistance. The charts continue to show further upside, thus longs can be entered at retracement around 0.7995 (21 4-hourly EMA) and further around 0.78 levels (cluster EMA support in 4-hourly and weekly) as the outlook remains bullish. (Aud/Usd: 0.8103).Bullish

Gold :Gold surged to $988 yesterday before retracing and closing at $974. The hourly and daily charts are flat in the overbought region while the 4-hourly is reaching oversold. As the charts continue to indicate an upside it is likely that Gold may test $1000 (double top) soon. Accumulate longs at dips around $963-$970 for $18 - $20. (Gold- $976.80). Bullish

Dollar Index :DX fell to 78.50 levels as major sell-off in Dollar was witnessed. The charts have flattened in the oversold region with next support coming around 77.60 levels. Overall Bearish. (DI- 79.20)

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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