Rupee: Rupee met our previous target of 48.80 this morning, after the ruling coalition scored a clear win in general election on saturday. We are now eyeing at our next target of 47.90/$. Shorts can be considered around 48.75-80 levels (previous support turned resistance). The release of the new budget can be next centre of attraction. (USD/INR : 48.30). Bullish.

Euro: Euro plunged almost 190 pips from 1.3650 high in the U.S. session on Friday . Currently trading above the 21 Daily EMA (1.34) with the 4-hourly stochastic getting oversold. The daily charts, however is still showing a downside bias. Decisive break below 1.34 can push Euro towards 1.3375 cluster support (100 & 55 Daily EMA). Longs could be considered around 1.33 levels for 100-120 pips. (Eur/Usd:1.3437). Short Term Bullish.

Pound: Cable moved within 155 pip range on Friday as it fell from 1.5287 high. The 4-hourly stochastic is getting oversold with immediate support around 1.51 and then at 1.5000 (21 Daily EMA & 100 4-hourly EMA). Look for opportunities to initiate longs around these levels for 100-120 pips. We expect cable to remain bullish for a short term. (Gbp/Usd: 1.5150). Short Term Bullish

Yen: The Usd/Jpy pair headed towards 94.50 in the early trade today as expected. Although the daily and 4-houlry charts are getting oversold, holding below 96.00 may bring a test of 93.50 levels. Shorts in the pair could be initiated around 95.70 - 96.00 levels for 70-80 pips. BEARISH (Usd/Jpy: 94.90).

Australian Dollar: Aussie witnessed sideways trading as it weakened to the lows of 0.7475 on Friday. The 4-hourly charts are oversold and an eye on 0.7430 (100 4-hourly) and 0.7390 (21 daily EMA) should be kept for going long on Aussie. (Aud/Usd: 0.7501)

Gold: The yellow metal has moved higher to $933 levels. The daily charts are overbought, however 4-hourly and hourly charts are still indicating further upside in gold. Bias of gold remains bullish overall as far as $911 is held.(Gold- 932.42)

Dollar Index: DI marginally broke-past the 83 levels on the upside. The stochastic is turning mid-way to indicate selling pressure returning. Selling Dollars at upticks could be considered. Below 84, the bias remains weak for the dollar. Range-Bound (DI- 83.18)

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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.