Rupee: Rupee is still holding below the 50.50 falling trend-line resistance (refer the chart on our website). Volatility was witnessed on account of RBI cutting 25 bps each in Repo and Reverse Repo rates. A decisive break of 50.50 with 2-3 consecutive closing above would confirm the rupee outlook bearish else more sideways movement could be seen. Neutral

Euro: Euro traded sideways in 100 pips. Although the daily chart is getting oversold, the sentiment for Euro continues to remain weak. Strong resistance comes at 1.3138 (21 & 55 Daily EMA) which could be treated as a selling opportunity in Euro. (Eur/Usd:1.2935). Moderately Bearish.

Pound: Cable surged to 1.47 levels (near the 55 4-hourly EMA). BOE minute is awaited today which could decide the fate of GBP. Technically, resistance comes around 1.47 where shorts could be incorporated as 4-hourly charts are extremely overbought. Immediate downside comes at 1.4480. Cautious intraday Buy could be initiated there for 80-100 pips. (Gbp/Usd: 1.4621). Moderately bearish to Neutral

Yen: The pair moved 120 pips higher to take 21 Day EMA resistance at 98.90 levels. The 4-hourly chart is overbought with support of 100 Day EMA & 61.8% of the rise at 96.70. This could be held and may bring more sideways trading. Break below this support could trigger the pair upto 94.50 levels. Go short on pair around 98.50 levels for 70-80 pips. (Usd/Jpy: 98.13).

Australian Dollar: Aussie traded sideways in 160 pips after being beaten up the in the previous session. The 4-hourly charts show further correction in Aussie with support at 0.6900 (55 & 100 Daily EMA). A bounce back from three could be witnessed, although a short term top is well placed at 0.7327. (Aud/Usd: 0.7028).

Gold: Gold firmed up to $895 levels (21 Daily EMA) as investors remained put in yellow metal as a safe heaven due to weak global cues. Immediate upside could be restricted around $903 cluster resistance where shorts for intraday $10 could be considered. (Gold: $885.00)

Dollar Index : DX traded strong yesterday to kiss the 87 levels. Its earlier resistance of 86.30 has now become a support and may bring a test of 88 levels. The bias for DX remains bullish above the 82-key support. The chart is overbought and some retracement could be expected before a rally. 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.