Rupee: Rupee showed a good session yesterday bagging 62 paisa from the previous close amid weak dollar and sustained dollar inflows. The movement in Rupee is looking range-bound to bullish in next few sessions until the results of the New Government is out. (USD/INR 49.52). Bullish
Euro: Euro has shed almost 200 pips from yesterday's high of 1.3438 as expected (kindly refer to the chart sent yesterday). It is holding above the important cluster support coming around 1.3190 - 1.3227 with the 4-hourly charts reaching oversold region. Initiate long positions around 1.3240 for 100 - 120 pips. (Eur/Usd:1.3257). Short-Term Bullish.
Pound: Cable surged to 1.5161 levels yesterday and has retraced to 1.50 levels currently. Strong support from 21 4-hourly EMA comes in at 1.4956, holding above which can bring a pull back to 1.5150 and then to 1.5350 levels. Look for buying cable around those levels for 100 pips. (Gbp/Usd: 1.5007). Bullish
Yen: The Usd/Jpy pair shed 100 pips from the day's high of 98.97 today. The daily charts are showing a strong selling bias while the 4-hourly and hourly is reaching oversold. Immediate support comes at 97.60 where going long on the pair could be considered for 70-80 pips. Alternatively, look for selling opportunities above 99.00 for 100 pips. Bearish (Usd/Jpy: 98.22).
Australian Dollar: Aussie reached 0.7480 high (55 Weekly EMA) yesterday has plunged almost 200 pips since yetserday's high. The daily charts show a downside with support coming at 0.7275 (38.2% Retracement of the rise & 200 Daily EMA). The weekly stochastic is also indicating selling opportunities at every rise. Bearish (Aud/Usd: 0.7368).
Gold: Gold maintains its bullish bias as it gained nearly $20 yesterday and is now around $902. Further rally can be seen till the time $895 is held. Medium term Gold bullish. Bullish (Gold: $902.60)
Dollar index : The Dollar Index marginally broke past the support of 84 yesterday as the USD shed against the majors and charts are now neutrally poised indicating a slight range-bound session. A range-bound session can be expected from DI. (84.45). RANGE-BOUND to 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.