The EURUSD is currently trading at 1.2180 and in a clear downtrend after the correction to 1.2670 levels. It is in a slight correction mode but suggest to maintain selling for exports at up moves (Only EURO/USD leg , we can wait for covering USD/INR leg) . We target 1.20 and below. We had advised exporters to cover at 1.30 levels for medium term (refer week back update). Importers hold for covers. Bearish-target 1.2000 & below . (EURUSD - 1.2180).
GBPUSD is currently trading at 1.4635 levels . We touched a high of 4740 levels yesterday with a fall again to 4584 and now again moving in a range due to increased risk appetite seen in global markets in couple of days time. Its currently in correction mode higher and shorts could be initiated very carefully. We got some exporters covered few days back at 1.5050 levels (refer previous updates) .We are still bearish on the pair. Importers hold for covers.( Cover USD/INR leg) . Target 1.41 & below in medium term. (GBPUSD - 1.4635).Bearish.
USDJPY is currently trading 92.70 levels. We have seen a an upmove due to increased risk aversion but still moving in a range. It could move till 93. Importers look for covers there. (USDJPY 92.70) Neutral.
AUDUSD is currently trading at 0.8438 levels. Exporters got booked few days back at 0.9050 levels. Target of .8000 and below expected in medium term. Exporters cover at every rise in the pair. Bearish Still. (AUDUSD - 0.8438).
Gold is currently trading at $1206 levels and its bias is clearly on the upside. It had reached our target of 1st Target of 1200 dollars and 2nd target of 1240 levels. Buying on dips remains the strategy. We have bought gold at 1175-80 levels as suggested (refer 2 weeks update) and holding long till 1240 dollars atleast. Fresh buys could also be done. (Gold- $1206) Bullish.
Dollar index's rise from 74.19 has accelerated after staying firm above upper channel resistance. The powerful impulsive move is in line with our view that rise from 74.19 is resuming the long term up trend from 70.70. We'd expect a test on 88-89 high sooner or later. Strong support comes near 84-85 levels . Dollar index is clearly bullish. Still room higher. (Dollar Index- 87.13) Overall Bullish.