The EURUSD is currently trading at 1.1910 and in a clear downtrend . It is in 3rd and the longest wave of elliott wave pattern targetting levels of 1.17. We had suggested exporters to cover at every dip and we still maintain that. (Only EURO/USD leg , we can wait for covering USD/INR leg) . Our target of 1.20 has reached on Friday. (refer previous reports). We had advised exporters to cover at 1.30 levels for medium term (refer few days back update). Importers hold for covers. Bearish-target 1.18 & below . (EURUSD - 1.1910)
GBPUSD is currently trading at 1.4430 levels . We maintain bearishness to a target of 1.4228 levels due to increased nervousness in europe. 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 - 1.4430).Bearish
USDJPY is currently trading 91.40 levels. We have seen a an upmove due to increased risk appetite but still moving in a bearish bias. Target 90 again. (USDJPY 91.40) Neutral
AUDUSD is currently trading at 0.8170 levels. Exporters got booked few days back at 0.9050 levels. Target of 0.8000 and below expected in medium term. Exporters cover at every rise in the pair. Bearish Still. (AUDUSD - 0.8170).
Gold is currently trading at $1217 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- $1217) Bullish.
Dollar index's is reaching close to our target of 88-89 levels after a short term correction witnessed last week. 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. Strong support comes near 84-85 levels . Dollar index is clearly bullish. Still room higher. (Dollar Index- 88.60) Overall Bullish.