Rupee: Rupee opened flat today at 47.40 as the stocks also remains flat. Technically, support comes around 47.20 breaking which can push Rupee higher to 46.60 levels. Primary reason for the strength in Rupee is attributed to dollar index which sharply declined. Upside resistance comes around 48.60 levels. Exporters can start booking near term contracts at upticks. (USD/INR : 47.40). Short term Bullish
Euro: Euro surged almost 245 pips yesterday breaking past the 1.3737 resistance and reaching as high as 1.3829 (61.8% Retracement of the fall in weekly). Technically, the daily charts continue to indicate an upside while the hourly and 4-hourly is overbought. A retracement upto 1.3675 (38.2% of the recent rise) could be seen. Decisive break above 1.3840 (61.8%) can pave way for 1.40 levels. Buying around 1.3655 - 1.3675 (21 4-hourly EMA) can be considered for a short intraday gain. (Eur/Usd:1.3788). Short Term Bullish.
Pound: Cable accelerated to reach 1.5816 high after the FOMC minutes taking out major resistances. Although the daily charts have reached the overbought territory, it is yet to indicate a sell. The hourly and 4-hourly charts are due for some correction and a fall upto 1.5650 - 1.57 could be witnessed during the day. Sustained trading above this support level can bring another rally upto 1.6030 resistance (38.2% of the fall 2.0158 to 1.3502). Buying could be considered around 1.5550 & 1.5650 support levels. Stay cautious on shorts before 1.61. (Gbp/Usd: 1.5788).Short term Bullish
Yen: The Usd/Jpy pair fell almost 150 pips from 96.20 high. The daily and weekly charts continue to indicate selling pressure in the pair while the 4-hourly is oversold. Strong resistance comes around 95.60 and then at 96.80 where shorts in the pair could be considered. Overall outlook remains bearish and a break of 93.50 can lead the pair to 92.20. (Usd/Jpy: 94.45).
Australian Dollar: Aussie traded below the 0.7800 weekly resistance yesterday. The daily and the 4-hourly charts are yet to get completely overbought. Break above 0.7790 resistance can push Aussie towards 0.7925 (50% Retarcement of the fall). Buying around 0.7660 (21 hourly EMA) could be considered for 80-100 pips. (Aud/Usd: 0.7755)
Gold:Gold surged $15 yesterday to reach $940 levels on the back of weak US dollar after the FOMC meeting held yesterday. The charts are overbought and may witness retracement upto cluster support of $931 (21 4-hourly , 55 Hourly EMA & 38.2% Retracment of the recent rise). Going long at dips is recommended as we continue to maintain our bullish bias for GOLD. Bullish above $916.00 (Gold- 941.62).
Dollar Index: Dollar Index declined sharply 81 levels taking out the 82.20 minor support. The stochastic has flattened in the oversold region. The overall outlook remains bearish for DX below 83.20 levels and can bring a fall upto 80.20 support (refer chart in the website) (DI- 81.10) Bearish
For more FREE Technical Reports on Currency Analysis and Commodities Analysis, Visit us at www.indiaforex.in
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.