The EURUSD is currently trading at 1.2828 levels after touching a low of 1.2800 levels yesterday. It has reached our target of 1.30 levels and lower. Overall the scenario remains to the Bearish in Euro . Good levels for importers to cover medium term. We might see market turning again may be from 1.25-1.26 levels for 400-500 pips or more.(EURUSD - 1.2828)!.
GBPUSD is currently trading at 1.5066 levels. The bias is bearish further down to 1.50 levels. We have already advised exporters at higher levels. (refer previous reports). Importers cover below 1.49-1.50 . Bearish below 1.5600 levels target 1.50 levels and below. (GBPUSD 1.5066).
USDJPY is currently trading 93.83 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- 93.83). 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 0.9020 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 i! n Aussie. Buying on dips is recommended. (AUDUSD - 0.9020). Bu! llish.
Gold is currently trading at $1174 levels and its bias is clearly on the upside. It had reached our target of 1174 dollars (Target was 1200 dollars). 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 80 levels (21 days Weekly EMA) Dollar index is clearly bullish above 80 levels. (Dollar Index- 83.99) Overall Bullish. We have stubbornly held the strong dollar view for months now and while the advance for November may be closer to an end than a start, I'll remain a dollar Bull until the market offers evidence to the contrary.