EUR/USD: Euro is currently trading at 1.4487 levels and touched high of 1.4518 levels yesterday. The euro rallied versus the dollar on the back of weak US data yesterday and as Moody's Investors Service said it may place the U.S. government's rating under review for possible downgrade. Yesterday Unemployment Claims data and Factory Orders m/m data came out weaker then expected. Looking ahead Eurozone PMI Services May. Support is seen around 1.4330 levels while resistance is seen at 1.4500 levels (psychological resistance). EUR/INR (64.96): Exporters can cover partially short term exposure at current levels while importers can cover on dips near 63.50 levels. EUR/INR is likely to trade in the range of 64.80-65.10 levels today. Short Term: Neutral to bearish, Medium term: Slight bearish
GBPUSD : The Sterling is currently trading at 1.6341. Sterling collapsed versus dollar and Euro after comments from a UK policymaker which added weight to the view that key interest rates will stay on hold for some time. Support is seen around 1.6300 levels (55 Days Daily EMA) and resistance is seen at 1.6430 levels. GBP/INR (73.29) Exporters can cover short term exposure near 74.10- 74.30 levels while the importers can look to hedge partially at 72.80- 73.00 levels and further on dips. GBPINR is likely to trade in the range of 73.10-73.40 levels today. Short Term: Neutral to bearish. Medium term: Slight bearish.
AUD/USD: Australian Dollar is currently trading at 1.0676 levels. The AUD positive on the back of weak dollar and strong local economic data. April Retail Sales yesterday came out better at 1.1% vs. 0.4% previously. AIG Services Index data came out weaker this morning. Support is seen at 1.0540 levels (55 days 4hrly EMA) and resistance is seen around 1.0800 levels. Exporters are suggested to book exposure around 1.0750 levels while Importers can cover partially their near term exposure at 1.0550 and further on dips. Short Term: Neutral to slight bearish. Medium term: Maintain Bullishness.
USD/JPY: The pair is currently trading at 80.71 levels. The yen rose against 15 of its 16 most-traded peers as Asian stocks reversed earlier gains after china non- manufacturing purchasing managers index fell to 61.9 in May from the previously reported 62.5 in April. Resistance is seen near 81.24 (21 days Daily EMA) while support is seen near 80.55 levels. Yen Exporters are suggested to book exposure at 80.20- 80.55 and Yen Importers can cover partially near 82.40 plus levels. Short term to medium term: Maintain Bullishness for the pair.
Gold: The Gold is currently trading at 1532.09 levels. Gold fell as the euro climbed, eroding demand for the precious metal as a safe haven asset. Support is seen at $1518 levels (21 days daily EMA) while resistance is seen at $1550 levels. Outlook: Medium term Bullish.
Oil: Oil is trading at 100.58 levels, heading for a weekly drop, before a report that will indicate the strength of the U.S. economy and as OPEC prepares to meet in Vienna next week to decide output quotas. Support is seen at 95.66 levels (200 days daily EMA) while resistance is seen at 104 levels. Outlook: Medium term Bullish.
Dollar Index: DI is currently trading at 74.33 levels. The dollar is weak as the data yesterday showed US employers added fewer jobs in May, signaling a slowing economy that may prevent the Federal Reserve from raising interest rates. Yesterday Factory Orders m/m data also came out weaker then expected. Looking ahead Non-Farm Employment Change data is expected weaker and Unemployment Rate data is expected neutral. Support is seen at 74.20 levels and resistance is seen at 75.10 levels (21 days daily EMA). Outlook remains Neutral to slightly Bullish for Short Term and Medium Term: Bullish (Post July).