Rupee : Rupee broke the resistance of 47.95 yesterday and went till the high of 48.12 yesterday. Bias of the rupee is still weak. Staying above 47.95 is likely to push rupee to 48.32 target. (USD/INR : 48.00). Short term bearish & Medium Term Bullish.
Euro :Euro plunged around 1.38 levels (1.38 is an important support and the neckline of the amazing head and shoulder pattern) but bounced back taking support to 1.3960 levels . It is still maintaining downside and breaking of 1.38 on a closing basis would push the pair to 1.3450. Daily trendlines have been consistently broken. Incase it manages to maintain 1.4040 then we might have to reconsider the downtrend. (Eur/Usd:1.3950). Bearish to slightly neutral.
Sterling :Cable made a kind of double top formation at 1.66 levels and still moving in quite a volatile fashion in last few days showing both sides movement.. It took support at 1.6220 levels twice and gave a gigantic move in the late US Session. (21 day daily moving avg support).Incase it breaks 1.62 which looks quite probable it may head quite deep down towards 1.58 or below again. Stay cautious incase 1.6440 breaks and holds.(Gbp/Usd: 1.6370). Short term Neutral.
Yen :Dollar-Yen pair is trading sideways confined between the cluster support of 94 levels and resistance of 99.55. We should not initiate positions until this wide range breaks on either side. (USD/JPY : 96.52) Range-bound.
Australian Dollar :Aussie is also correcting due to fall in commodity prices across. Only and Only if the pair stays below .7650 we could say the bearish trend has started for AUD. (Aud/Usd: 0.7906). Short term neutral.
Gold :Gold is clearly bearish since its holding below its daily trend at $960. We can look at accumulating short positions at $ 935 till $957 for targets below $900. Gold- $931.40). Bearish.
Dollar Index : DX bounced back from 79 levels (as expected) and is currently trading above 80-mark. The chart is turning bullish since the downtrend line has been broken and market is holding above 80 levels. Till we see the levels above 80 the index holds bullish. (DI- 81.14) Neutral
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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.