Rupee: Our focus for the local unit still remains on 48.80 as the near-term support (Refer to the chart on the website). The rupee has opened with a gap at 49.05 from its friday's closing of 49.26/27. Weakness in the Dollar Index remains the real reason for the rupee gain (USD/INR : 49.15). Short term Bullish.
Euro: Euro surged to 1.3667 high as expected (55 Weekly EMA) on Friday. The charts have flattened in the overbought region with support coming in at 1.3568 (21 hourly EMA). Decisive break above 1.3680 resistance can pave way for 1.3750 and then towards 1.3840 (61.8% Retracement of the falling Weekly) . Look for buying opportunities at dips. (Eur/Usd:1.3645). Bullish above 1.3400.
Pound: Cable surged almost 280 pips to 1.5247 high despite better than expected NFP on Friday. All the major charts have flattened in the overbought region and retracements should be considered as a good buying opportunity. Support comes at 1.5160 (21 Hourly EMA) and then at 1.5090 (21 4-hourly EMA). Alternatively, shorts could be initiated around 1.54 levels for 100-150 pips. (Gbp/Usd: 1.5220). Short Term Bullish
Yen: The Usd/Jpy pair shed more than 100 pips in the last trading session witnessing more sideways trading. The hourly and 4-hourlu charts have become oversold with support coming in at 97.60. Cautious long could be considered in the pair there for 80-100 pips. (Usd/Jpy: 98.35).
Australian Dollar: Aussie further strengthened to 0.7708 (200 pips) on friday. The major charts have flattened in the overbought region. Sustaining above 0.7550 can push Aussie to 0.7798 levels (100 & 200 Weekly EMA). Consider buying around the support of 0.7640 (21 Hourly EMA) and 0.7550 (21 4-hourly EMA). Selling around 0.7780 for 50-60 pips could be also be considered. (Aud/Usd: 0.7679)
Gold: Gold fell from $919 tp $905 before regaining support and closing at $915. The view for gold still remains bullish as far as $900 cluster support is held. Buying around $902 levels could be considered. Near term bias for Gold - Range-bound. (Gold: $915.08)
Dollar index: Dollar Index has broken the important support and has fallen to 82.45 levels. The chart of DI has become flat in oversold region indicating further Bearishness. Break of 82.22 minor support will lead to a fall upto 80 (psychological level). (82.45). 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.