EUR/USD: Euro is currently trading at 1.4584 levels. Euro is steady after European Central Bank President indicated his willingness to sanction bond rollovers in Greece. Looking forward Retail Sales m/m and German Factory Orders m/m data is expected better. Support is seen around 1.4530 levels (21days 4hrly EMA) while resistance is seen around 1.4700 levels. EUR/INR (65.38): Exporters can cover ( partially ) short term exposure at current levels while importers can cover on dips near 64.10 -64.20 levels. EUR/INR is likely to trade in the range of 65.20-65.50 levels today. Short Term: bullish. Medium term: bearish.
GBP/USD: The Sterling is currently trading at 1.6350 levels. Sterling fell against the dollar after the report of International Monetary Fund raised the prospect of further loose UK monetary policy. The IMF also indicated further quantitative easing and tax cuts could be needed if the UK faces a prolonged slowdown. Support is seen around 1.6210 levels (100 day daily EMA) and resistance is seen at 1.6440 levels . GBP/INR (73.21) Exporters can cover short term exposure near 74.30- 74.40 levels while the importers can look to hedge partially at 72.80 levels and further on dips. GBPINR is likely to trade in the range of 73.05-74.40 levels today. Term: Short term bullish. Medium term: Bearish
USD/JPY: The Yen is currently trading at 80.19. The currency traded within 0.2 % of a one-month high against the dollar on speculation that the global economic recovery is slowing. This speculation has raised demand for safe haven currencies such as the yen. And they are further expected to rise. Resistance is seen near 81.10 levels (21 days daily EMA) while support is seen around 80.00 (psychological) levels. Yen Exporters are suggested to book exposure at current levels and Yen Importers can cover above 82 levels. Short term to medium term: Maintain Bullishness for the pair.
AUD/USD: The AUD is currently trading at 1.0728 levels. The commodity currency is four week high on speculation that RBA will indicate today evidences of economic recovery and possibility of higher interest rates. Strong Support is seen at 1.0550 levels (55 days daily EMA) and resistance is seen around 1.0800 levels. Exporters are suggested to book exposure around 1.0780 levels while Importers can cover partially their near term exposure at 1.0550-1.0580 and further on dips. Short Term: Neutral to slight bearish Medium term: Maintain Bullishness.
Oil: Oil is trading at 100.08 levels. Oil dropped amid speculation that OPEC may increase output quotas when it meets in Vienna tomorrow. Support is seen at 95.82 levels (200 days daily EMA) while strong resistance is seen at 100.83 levels (100 days daily EMA). Outlook: Medium term Bullish.
Gold: The Gold is currently trading at 1543.43 levels. Gold is positive on speculation that Greece's sovereign-debt crisis may be worsening and signs that the U.S. economy is slowing boosting demand for the precious metal as an alternative safe heaven. Support is seen at $1524 (21 days daily EMA) while resistance is seen at $1550 levels. Outlook: Medium term Bullish.
Dollar Index: DI is currently trading at 73.97 levels. Dollar is trading slightly positive on the back of mixed fundamentals of major currencies today. Treasury 10-year yields were within six basis points of this year's low before Federal Reserve Chairman Ben S. Bernanke is scheduled to speak today. Support is seen around 73.72 levels and resistance is seen at 74.20 levels (21days 4hrly EMA). Outlook remains Neutral for Short Term and Medium Term: Bullish (Post July).