Rupee: As discussed rupee tested the 49.05 levels in the early trade yesterday but weakened in the later session to close the session at 49.51/$. The jitters in the market are merely due to pre-election fears along with the dollar demand by the importers. (USD/INR : 49.57). Neutral to Short term Bullish.

Euro: Euro opened higher yesterday, however, shed most of its gains during the day as it dipped 110 pips to 1.3557. Euro is strongly holding below the 55 Weekly Resistance. There is some room for an upside as the charts are yet to correct to being overbought and a decisive break of 1.3680 can pave way for 1.3750. The 4-hourly charts are indicating upside bias thus buying opportunities at dips (1.35) could be considered. (Eur/Usd:1.3590). Bullish above 1.3400.

Pound: Cable retreated almost 180 pips to touch the intraday low of 1.5067 yesterday. Although the major charts have flattened in the overbought region, the upside momentum seems to be diminishing. Support comes at 1.5055 (61.8% of the recent rally in H-4 Charts) and then at 1.4890 (Cluster EMA support in daily and H-4) where longs could be created. Alternatively, shorts could be initiated around 1.5350 levels for 100-150 pips. (Gbp/Usd: 1.5111). Short Term Bullish

Yen: The Usd/Jpy pair shed close to 150 pips in yesterday's session. The hourly and 4-hourly charts have become flat in the oversold region with support at 97.00 (100 Daily EMA & 21 Weekly EMA). Below this the next support is at 96.00 (38.2% Retracement of the fall) which could be tested. Initiate cautious long there for 80 pips. (Usd/Jpy: 97.30).

Australian Dollar: Aussie declined close to 140 pips yesterday and is currently holding the 21 4-hourly support (0.7565). The 4-hourly charts are oversold while the daily is overbought. Resistance for Aussie remains at 0.7798 levels (100 & 200 Weekly EMA). Consider selling around 0.7600 for 60-80 pips. Further shorts could be done around 0.7780 levels. (Aud/Usd: 0.7580)

Gold: Gold was confined within a small range of $9 yesterday witnessing a low of $908. The view for gold still remains bullish as far as $895 - $900 support is held. Buying around $902 levels could be considered. Near term bias for Gold - Range-bound. (Gold: $912.08)

Dollar index: Dollar Index fell to its lowest in 4 months early yesterday but gained close to 0.1% in the later session due to some dollar demand in the market. The charts are still flat in the oversold region indicating further weakness in the dollar. Break of 82.22 minor support will lead to a fall upto 80 (psychological level). (82.84). Neutral to Bearish.

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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.