Euro is currently trading at 1.3153 levels. The euro corrected against dollar a bit vis-à-vis yesterday ahead of FOMC Policy Meeting today and overbought conditions in the chart. Pair dipped after the Japanese government kept its assessment of the economy unchanged. Big market movers for today include rate announcements by BoJ and Federal Reserve. Overall trend remains bullish with some corrections due till 1.29-1.30 levels. Medium term Bullish
Cable is currently trading at 1.5808 levels and fell due to overbought conditions ahead of FOMC and also fell sharply following Gbp/Jpy plunge. Pair has lost almost 200 pips from yesterdays high reaching a fresh weekly low at 1.5773. Another 200-300 pips correction can still be expected targeting 1.55 levels. Medium Term Bullish
Usd/Jpy is trading at 85.82 levels. The Japanese Yen strengthened as government commented about the economy picking up and laying foundation for sustaining recovery. Also BoJ decided to keep the cash rate unchanged at 0.1%. The trend of the pair still remains bearish targeting 84 levels. Medium term bearish.
Aud/Usd is currently trading at 0.9120 levels. The pair has shed nearly 40 pips after the release of a pair of weak NAB Business indicators. Also the Japanese government announcement of leaving its assessment of the economy unchanged is weighing on crosses. Support for pair lies at 0.9108 whereas resistance is placed at 0.9154 levels. The intermediate trend of pair remains Bullish. Medium term Bullish
Gold is currently trading at 1200 levels. Immediate support comes at 1199 levels (21 Days 4hrly EMA). Most likely target could be 1120 - 1130 dollars in case we see closing below 1190-1200 dollar for 3– 4 days. Please note that risk will push the gold on the downside as 1266.5 resistance holds, and we'd expect another decline sooner than later. (Gold— 1200)
The Dollar index is currently trading at 81.06 and touched low of 80.37 levels. Immediate support comes at 79.80—80 levels. Break of 83.45 (upper side ) will indicate that dollar index has bottomed and should then bring strong rebound towards 85.09/86.42 resistance zone. (Dollar Index– 81.06) Neutral