India Forex Advisors Market Commentary 01-Feb-2010

By IBTimes Staff Reporter | February 01 2010 2:34 AM

EURUSD has broken the levels of 1.40 twice and aiming close to next important support at 1.3760 levels. Be cautious incase 1.4100 levels break confidently again. Buying close to 1.3770 could be done for 200 pips with a stoploss of 100 pips. (EURUSD-1.3881) Bearish

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GBPUSD is currently trading at 1.5950 levels and is having a strong resistance of 1.6117 levels. Downside correction is expected near 1.58 levels. Sell close to 1.61 levels again for a target of 150 pips. (GBPUSD - 1.5950) Bearish

The JPY is currently trading at 90.25 levels and is having a strong resistance of 90.50 levels. Yen is holding bullishness and targeting 88.40 levels and even lower due to increased risk aversion. (USDJPY- 90.25) Bullish.

The Australian dollar is correcting due to increased risk aversion and gold selling . Good support is located close to 0.8700 levels.(AUDUSD - 0.8830) Neutral

GOLD is currently trading around $1079 levels and is having immediate resistance near $1096 where shorts can be initiated for the target of 30 dollars, stoploss above $1118 levels. Resist shorts at spot. (Gold-$1079) Bullish.

Dollar Index is currently trading near 79.46 levels. We expected further bullish scenario towards 80 levels. Bias remains bullish above 78.50 levels. (DI -79.01).Neutral.