Rupee: Referring to our previous charts and updates we still have our eyes on 49.90. Till the time it does not break 49.90 (weekly trendline) on a closing basis for 2-3 days we stick to slight bearishness. Once 49.90 breaks on a sustainable basis the next immediate term target becomes 47.60 levels. The rupee has made an interesting pattern in the charts showing a doji and then an bearish reversal pattern during the last 2 weekly candles. (USD/INR - 50.37). Bullish .
Euro: Euro has taken resistance from the long term bearish trendline around 1.3560 and also broken the triangle formation and just holding near the 1.3150 to 1.3249 (55 day and 100 day EMA ) The 4 hrly charts has gone flat. Ideally to remain bearish it has to hold below 1.3249. Stay neutral till the range breaks clearly. (Eur/Usd:1.3200). Neutral to slightly bearish.
Pound: Cable retraced 300 pips as expected and should ideally not break the medium term channel support at 1.45. Look for initiating longs around the 1.4489 to 1.4589 levels for a move of 200 pips. (Gbp/Usd: 1.4681). Bullish
Yen: The Usd/Jpy pair reached towards 101.70 near the long term weekly trendline as expected . Correction could happen till 98.60 levels (100 day EMA). Initiate longs there with tight stops or else on the break of 102 (trendline level) provided it stays for 2-3 days. Neutral to Bullish (Usd/Jpy: 100.08).
Australian Dollar: Aussie is in its correction mode . Look for entering long only at around 0.6852 to 0.6907 levels for a target of 100 pips. Neutral to bullish. (Aud/Usd: 0.7058).
Gold: Gold is holding below the daily and weekly trend lines and likely to be still bearish. Sell at retracements.. Bearish (Gold: $883.77.00)
Dollar index :Dollar index is slightly weak and taking resistance at 85.54 at the holding below the falling trendline near 85.50 levels. 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. (85.50) 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.