The EURUSD is currently trading at 1.2942 levels after touching a low of 1.2932 levels yesterday . Near term importers cover 50% -70 %near this levels. Immediate resistance comes at 1.3050/60 zone. Break above that area could trigger further minor bullish correction testing 1.3130 region but overall the scenario remains to the Bearish in Euro (Bearish) (Next target 1.2880 level). (EURUSD - 1.2942).
GBPUSD is currently trading at 1.5130 levels. The bias is bearish further down to 1.50 levels. Exporters for May can cover atleast 40% at 1.52-1.53 levels i.e 68.40-68.60 levels. Weekly charts are showing downward correction. Bearish below 1.5600 levels. (GBPUSD 1.5130).
USDJPY is currently trading 94.70 levels. A break above 94.30(2 days close), we could target 97-98 levels. Weekly close above 92 levels has increased chances for a bearish move for the yen currency. Importers hold for medium term covers. (USDJPY- 94.70). Long Term (3-6 months) target 98 and higher. WE JUST NEED A CONSISTENT BREAK OF 94.30 TO MAKE THIS HAPPEN.
AUDUSD is currently trading at 0.9093 levels. Importers in Aussie cover near 0.8900-0.9000. Exporters in Aussie may start booking from 0.9350 onwards partially. Since the Australian currency is overall hawkish and Gold is holding above $1135 we would stay away from shorts in Aussie. Buying on dips is recommended. (AUDUSD - 0.9093). Bullish
Gold is currently trading at $1168 levels and its bias is clearly on the upside. Support in Gold comes near $1158. Buying on dips remains the strategy. (Gold- $1168) Bullish.
The dollar index is currently trading strong as the Euro weakened close to 1.96% against dollar. Dollar Index has broken the earlier resistance of 82 levels and is currently trading at 83.50 levels. Next target comes near 83.80-84 levels. Strong support comes near