Rupee: Rupee is still holding below the 50.48 falling trend-line resistance (refer the chart on our website). Inflation data is expected today. ONLY 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 between 50.00 - 50.50. Neutral .

Euro: Euro bounced from 1.2885 to reach 1.3037 yesterday. The daily chart is highly oversold and retracement upto 1.3140 (21 & 55 Daily EMA) and then 1.3225 (falling trendline resistance) could be seen. Selling Euro around those levels should be considered for 100 pips with stops above 1.3270. The sentiment for Euro remains weak (Eur/Usd:1.3011). Bearish below 1.3250.

Pound: Cable plunged to 1.44 levels yesterday after taking resistance around 1.4685. Technically, 1.4360 is an important support (50% Retracement of the rise in daily) where opportunities to go long for 100 pips could be considered as the stochastics are also getting oversold. Resistance comes around 1.4620(21 Day EMA). (Gbp/Usd: 1.4521). Moderately bearish to Neutral.

Yen: The pair is seen trading sideways. It fell 120 from 98.74 (21 Daily EMA resistance). The charts are reaching the oversold region with support of 100 Day EMA & 61.8% of the rise coming at 96.70. If this level is held more sideways trading could be witnessed. Break below this support could trigger the pair upto 94.50 levels. Initiate cautious longs at 96.80 for 70-80 pips. (Usd/Jpy: 97.82).

Australian Dollar: Aussie traded within 115 pips yesterday taking the 38.2% Retracement resistance. 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: 0.7070).

Gold: Gold is pressing against the $895 levels (21 Daily EMA). The daily charts are also correcting towards the overbought region. Upside could be restricted around $903 cluster resistance where shorts for intraday $10 could be considered. (Gold: $891.00)

Dollar index :DX is seen consolidating below the 87.20 strong resistance. The bias for DX remains bullish above the 82.30-key support. The chart is overbought and some retracement could be expected upto 86.03 (minor support) 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.