The EURUSD is currently trading at 1.2110 and in a clear downtrend. It is targetting levels of 1.17. We had suggested exporters to cover at every rise and we still maintain that. (Only EURO/USD leg , we can wait for covering USD/INR leg) . Our previous bearish targets 1.20 and below had reached last 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. Exporters cover at 1.2100-1.2200 levels. Bearish-target 1.18 & below . (EURUSD - 1.2110).Bearish
GBPUSD is currently trading at 1.4720 levels and entered a small correction mode after a fall below 1.4400. 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) . Exporters cover the GBPUSD leg at current levels.Target 1.41 & below in medium term. (GBPUSD - 1.4720).Bearish.
USDJPY is currently trading at 91.61 levels. We have seen an upmove due to increased risk appetite but still moving in a bearish bias. Target 90 again. Overall yen should remain rangebound till a decisive break. (USDJPY 91.61) Neutral.
AUDUSD is currently trading at 0.8443 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. They can cover at current levels. Bearish Still. (AUDUSD - 0.8443). Gold is currently trading at $1218 levels and its bias is clearly on the upside. It has reached our target of 1240 levels against our buys at 1175-80 dollars 2-3 weeks back . Buying on dips remains the strategy. (Gold- $1218) Bullish.
Dollar index's is reaching close to our target of 88-89 levels and in the short term correction mode. Maximum room till 85- 86.50 which would act as support. 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. Dollar index is clearly bullish. Still room higher. (Dollar Index- 87.13) Overall Bullish.