Rupee: The rupee bias remains bearish after the intraday dips as expected yesterday. We might again see dollar buying happening in short term to medium term . Buy on dips remains the strategy for importers. Exporters hold for better levels above 51.20 with our stop at 49.80 . Break and close below 50 would change the bias.(USD/INR: YET TO OPEN ). MODERATELY BEARISH AGAIN UNTIL 50 BREAKS.
Euro: We accumulated shorts as suggested yesterday till 1.3340 (21 day 4hrly) and it fell 160 pips post that. Euro stays below the trendline broken on last friday. The view remains bearish till its holding below 1.3330 (38.2% retracement of the recent fall). Maintain sell on retracements around 3240-90 levels for a target of 1.3030. Near term fundamental stays weak. (Eur/Usd:1.3215). BEARISH
Pound: We had accumulated shorts till 1.43-4350 post which pound fell 90 pips to 1.4255 levels .Strategy for pound still remains bearish. Accumulate shorts from 1.43 - 1.4350 for a target of 1.40 (Gbp/Usd: 1.4315). BEARISH
Yen: The Usd/Jpy pair had been stuck in the triangular pattern between 95 to 98.70 . The triangle got broken yesterday due to excessive buying in the USD/JPY pair . It has currently taken resistance at the 50% retracement of the medium term fall exactly.We would target 101.64 (61.8% retracement of the major fall) provided 98.00 levels hold good. The strategy remains bullish since its holding above the trendline. Add positions only on 2 closing above 99.00 levels targetting 101.50 . SLIGHTLY NEUTRAL TO BULLISH. (Usd/Jpy: 98.80).
Australian Dollar: Aussie touched the trend line resistance and 21 day day EMA as expected yesterday. Strategy remains to go short on the pair targetting .6500 . Keep STOPS closing above .7050 . BEARISH (Aud/Usd: 0.6890).
Gold: Gold recently had broken the bullish trendline near $930 . Cluster resistance is around 923-25 which should be taken as opportunities to short again. Please note that the daily stochastic of Gold is giving a STRONG buy provided 926 breaks on a sustained basis. Little tricky currently. Stay Short but reverse incase 930 breaks and closes above . NEUTRAL (Gold: $917.60).
Dollar index : Dollar index has broken the down trendline and staying above 86.00 . It inched slightly higher yesterday.Other indicators stays buillish . BULLISH.
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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. Those acting in the