Rupee: Rupee took the 50.48 falling trend-line resistance and strengthened to close below 50 levels. Holding below 50.00 for 2-3 consecutive session would confirm the rupee outlook bullish else more sideways movement could be seen between 49.80 - 50.50 (USD/INR: 50.00)

Euro: Euro as expected surged to 1.3160 levels yesterday taking resistance from the 21 Day EMA. The 4-hourly charts are overbought and holding below 1.3250 can bring a fall upto 1.3100 (21 Hourly EMA). However, an important observation is that Euro has made a bullish divergence Reversal Bar and breaking of 1.3250 on the upside could lead Euro to 1.3550 levels. (Eur/Usd:1.3011). Bearish ONLY if it HOLDS below 1.3250.

Pound: Cable strengthened 300 pips against the greenback surging to 1.4743 levels. The 4-hourly charts are overbought and may bring a retracement upto 1.45 levels (trendline - resistance turned support). Initiate cautious shorts around 1.4680-4700 for 80-100 pips. Alternatively, look for buying around 1.4380 for 100 pips. (Gbp/Usd: 1.4646). Neutral.

Yen: The pair is seen trading sideways. The pair took resistance around 98.45 and is now trading lower around 97 levels. The charts are yet to correct in the oversold region. The support of 100 Day EMA & 61.8% of the rise is 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 pips. (Usd/Jpy: 97.02).

Australian Dollar: Aussie surged almost 120 pips to 0.7154 levels yesterday. The charts indicate that Aussie's rally is losing steam and a fall upto 0.7050 & then 0.6980 could be seen. A short term top is well placed at 0.7327. (Aud/Usd: 0.7120).

Gold: Gold firmed up yesterday taking the 100 Day EMA support as investors considered the yellow metal as a safe heaven. The charts are reaching the overbought region with 38.2% retracement resistance at $920. Above that could push Gold higher to $935. (Gold: $909.00)

Dollar index: Dollar Index pulled back from close to 87 levels and continues to witness further sideways trading. However, as long as 84.51 support holds, a resumption of rally may be witnessed. Break above 86.88 can take the index to 88 levels. Bullish.

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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.