Rupee:Rupee is holding strong as per our expectation. Breaking of 49.20 can allow it to test 48.80 in the near term. Exporters are adivised to sell dollars at every rise. The election results are awaited on 16th May which can decide the next direction for local unit. (USD/INR : 49.40). Bullish

Euro: Euro surged to 1.3374 from 1.3245 lows yesterday as expected. It is holding and trading above the important cluster support coming around 1.3190 - 1.3227 with the daily charts indicating strong selling pressure. ECB meeting is scheduled today and 25bps cut is expected. Cautious shorts after the data around 1.34 for 80-90 pips could be considered. (Eur/Usd:1.3295). Bullish ONLY above 1.3190.

Pound: Cable witnessed a sideways trading of 160 pips below the previous high of 1.5161. Strong support from 21 4-hourly EMA comes in at 1.5025, holding above which can bring a pull back to 1.5150 and then to 1.5350 levels. Look for buying cable around those levels for 100 pips. Alternatively, sell around 1.53 levels for 100-150 pips as the charts are reaching the overbought region. (Gbp/Usd: 1.5127). Bullish

Yen: The Usd/Jpy pair shed 110 pips from the day's high of 99.07 yesterday. The daily charts are showing a strong selling with support at 97.60 where going long on the pair could be considered for 80-100 pips. Alternatively, look for selling opportunities above 99.00 for 100 pips . Bearish (Usd/Jpy: 98.55).

Australian Dollar: Aussie surged 170 pips yesterday and continues to trade higher in the morning trade today at 0.7535. All the major charts are getting overbought with strong support coming at 0.7275 (38.2% Retracement of the rise & 200 Daily EMA). Selling around 0.7550 for 70-80 pips could be considered. (Aud/Usd: 0.7528).

Gold: Gold moved $17 sideways yesterday. The view for gold still remains bullish as far as $895 support is strong. Above $915, Gold may surge to $926. Near term bias for Gold - Range-bound . (Gold: $911.60)

Dollar index: The Dollar Index chart is poised in the over-sold region and is indicating a range-bound session for the US currency. Support of 84 is holding strong momemtarily. (84.14). RANGE-BOUND to Bearish.

For more FREE Technical Reports on Currency Analysis and Commodities Analysis, Visit us at


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.