Rupee: The rupee bias remains bearish . We might again see dollar selling happening in short term due to short term reversal in crosses . Buy on dips remains the strategy for importers. Exporters hold for better levels above 51.20 with our stop at 49.80 . Break and close below 50 would change the bias.(USD/INR: YET TO OPEN ). MODERATELY BEARISH AGAIN UNTIL 50 BREAKS.
Euro: Euro took short term support around 1.3160 levels and moved higher till 1.3292 again. Technically it is still holding below the trendline and would face the next cluster resistance at 1.3310-30 (38.2% retracement of the recent fall and 55 day 4hrly EMA). Interest rate decision may lead to little volatility. Be cautious currently.(Eur/Usd:1.3275). NEUTRAL
Pound: Pound turned after taking strong supports at 1.4270-80 area (6-7 times) triggering major stops at 1.4425 levels. The 4 hrly charts are overbought again and dips till 1.4380 can be observed again. Initiate longs only if it holds above 1.44 today post data. (Gbp/Usd: 1.4500). NEUTRAL
Yen: The Usd/Jpy pair is still stuck up in the triangular pattern between 95 to 98.70 . It has currently taken resistance at the 50% retracement of the medium term fall exactly.We would target 101.64 (61.8% retracement of the major fall) provided 98.00 levels hold good. The strategy remains bullish since its holding above the trendline. Add positions only on 2 closing above 99.00 levels targetting 101.50 . SLIGHTLY NEUTRAL TO BULLISH. (Usd/Jpy: 98.80).
Australian Dollar: Aussie has broken the the trend line resistance and 21 day EMA . Strategy changes to slightly bullish provided .7000 levels hold. BULLISH (Aud/Usd: 0.7026).
Gold: Gold has moved slightly higher today breaking the cluster resistance at 924 levels. The daily charts are signaling a buy though Longs should be initiated only after a break of 930 with solid momentum. Wait for a close above 930 to initiate positions. NEUTRAL(Gold: $917.60).
Dollar index : Dollar index futures still stays above the down trendline and holding near 85.70. It inched slightly lower yesterday. Other indicators stays buillish . BULLISH.
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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.