Rupee: Referring to our previous charts and updates we still maintain a bullish view on rupee aiming 48.80 levels. Dollar had gone strong till 50.50 after falling till 49.33 which was merely a quick retracement . Holding below 50 again would target 48.80 (USD/INR 50.10) Bullish
Euro: Euro retraced after moving to a high of 1.3293 . Holding above 1.3150 would maintain the bullish view for euro. The charts show some more room to correct but 1.3150 (100 day EMA on 4 hrly) should ideally hold for a move back to 1.3250. (Eur/Usd:1.3170). Bullish.
Pound: The pair went till the high of 1.4770 (bottom of the rising trendline) and corrected 170 pips since then, the strategy for pound stays slightly neutral until it recovers its losses breaking 1.47 again by today or tomorrow. Stay neutral. Gbp/Usd: 1.4590). Neutral
Yen: The Usd/Jpy pair is clearly in the downtrend again after breaking the trendline support at 98.32 and also after meeting weekly resistance at 101.70. The bias of the pair is clearly bearish i.e usd would be weak till 99.00 (rising trendline) breaks and holds again. Bearish (Usd/Jpy: 96.54).
Australian Dollar: Aussie is clearly staying below the trendline support and holding below it . The weekly stochastic is indicating selling opportunities at every rise. Stay short on the pair targeting 0.6940 as our first target. Bearish (Aud/Usd: 0.7114).
Gold: Gold has moved with excellent momentum but highly overbought at the charts . It is likely to correct till 895 dollars after a push higher again. Medium term slightly bullish. Bullish (Gold: $915.00)
Dollar index :The charts indicate a break of upward trendline again . Dollar index is showing bearish signals in medium term (DI-85.30). Bearish.
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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.