Rupee: The rupee has made an interesting pattern in the charts showing a doji and then an bearish reversal pattern . The only concern is that it has to stay below 49.80 for atleast 2-3 trading sessions . If the observations proves correct next target would be 47.60 levels. Importers hold for covers. Bullish and headed for major reversal if 50 below stays.
Euro: Euro has broken the bearish trendline and headed towards a high of 1.3578 . Since charts are turning to overbought region there could be a retracement to 1.34 which would act as on important support again. Initiate longs only after proper retracements. (Eur/Usd:1.3568). Bullish but retracement expected.
Pound: Cable broke the 100 day EMA as expected and currently taking resistance near 1.4926 (21 day EMA ). A good retracement could be expected but look for buying at dips close to 1.4550-60 levels. Long positions initiated at around 1.4650 could be exited (Gbp/Usd: 1.4920). Bullish but strong retracement expected
Yen: The Usd/Jpy pair as expected is heading towards 101.70 levels which is most likely to be reached. But there it would face stiff resistance since that is the weekly trendline. Breaking of that for 2-3 days would only show further strength. Infact shorts for the pair could be initiated at 101.50 with stops around 102.70 Bullish but strong retracement expected. (Usd/Jpy: 100.83).
Australian Dollar: Aussie is trading strong (as expected) and has been surging higher as expected. A surge upto 0.7270 resistance could be expected if it sustains above 0.70. Bullish (Aud/Usd: 0.7194).
Gold: Gold took the major trendline and the 21 Daily EMA resistance and plunged to 876 dollars as expected in previous reports. Strategy stays bearish . Sell again at retracement at $908. Bearish (Gold: $876.00)
Dollar index :Dollar index is heading towards the next cluster support at 82.20. It is likely to hold that support but incase it holds below 82 for 2 sessions it may head towards a dollar reversal and target 77.69 levels. 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.