Rupee :Rupee has broken the trendline of 48.10. Holding below 48.00 levels till todays closing would change the bias towards short term bullishness. The dollar index and other major currencies are still in the range UNABLE to give clear direction on the trend. (USD/INR : 47.86)
Euro :Euro maintains its range of 1.39 and 1.41 . Break of the range which has been held over 15 days would determine the breakout trend. The trend is most likely to be slightly bullish if 1.41 holds today .(Eur/Usd:1.4110) Neutral to bullish
Sterling :Cable made a kind of double top formation at 1.66 levels and still moving in quite a volatile fashion in last 15 days showing both sides movement. of 250-300 pips . Important support holds at 1.6200 levels breaking which we could see extreme bearishness. View turns only if 1.6660 breaks and holds above it . (Gbp/Usd: 1.6625). Range bound to slightly bullish
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. The bias is towards yen strength and dollar weakness. (USD/JPY : 95.75) Rangebound
Aud :Aussie stays below trendline. Remains bearish overall below 0.8050. 2 closings above 0.8100 would negate the view. (Aud/Usd: 0.8090).
Gold :Gold is holding above 940 dollars and Testing trendline resistance at 943 dollars. Staying above 943 dollars would push the metal higher to 950-60 dollars (provided 940 holds) (Gold- $942.52). Neutral
Dollar Index :Dollar index extends the rebound from 79.56 and is set to take on 80.94. We're anticipating a break of 80.94 resistance to signal resumption of rise from 78.33, to be confirmed by break of 81.36/47 resistance zone. Further rally should be seen to next key resistance at 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64). in such case. (DI- 79.95) Still Bullish.
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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.