India Forex Advisors Market Commentary 06-Jan-2009

By IBTimes Staff Reporter | January 06 2010 1:49 AM

Euro : EurUsd is consistently trading below 21 days daily EMA resistance at 1.4420 levels. Immediate support comes around 1.4270 levels where initiate cautious buying with stoploss of 1.4150, targeting 1.4420 levels. Bias still remains bearish below 1.4620 levels. (EURUSD - 1.4353) Bearish.

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Sterling : GbpUsd is consistently trading below 200Days Daily EMA resistance at 1.6220 levels.Immediate support comes around 1.5840 levels (recent low).Short term bias still remains bearish till 1.5700 levels until 1.6220 level is held.Initiate buy near 1.5840 levels target 100pips.(GBPUSD 1.5958) Bearish.

Aud : The AUDUSD is currently trading at 0.9129 levels. Upside correction is expected near 0.9320 levels where shorts can be initiate for the target of 100 pips, keeping stoploss 0.9410. Break below 0.9000 area could trigger further bearish momentum re-testing the lower at 0.8730. Stochastic is in overbought region. (AUDUSD - 0.9135) Neutral.

Gold : GOLD is currently trading at $1123 levels. Immediate resistance comes near $1135-40 levels (38.2% retracement) where cautious shorts can be initiated for the target of 25-30 dollars. Stochastic is still neutral. (GOLD - $1123) Neutral.

Dollar Index: Dollar Index is currently trading at 77.77 levels. Immediate resistance near 78.50 which if broken then could see next resistance near 80 levels . We're remaining bullish on the dollar index as long as 76.80 support is held. (DI - 77.68) Bullish.