EUR: Euro rose from yesterday's low of 1.4253 and is currently trading at 1.4389 levels on the speculation of a solution regarding the crisis in Greece. Yesterday French Industrial Production m/m data came out to be weaker at 0.9% versus 0.5% previously. Support is seen at 1.4336 (55 Days daily EMA) while the resistance is seen near 1.4439 (200 days 4hrly EMA). EUR/INR (64.30) Exporters can hold to cover May exposure while importers can cover partially below 64 levels and wait for further cover on dips towards 63.50levels. EUR/INR is likely to trade in the range of 64.05-64.50 levels today. Short term: Bullish. Medium term: Maintain Bullishness.
GBP: Sterling is currently trading at 1.6364 levels. Inflation data is likely to forecast higher inflation in the short run. The BOE Governor is expected to defend his decision to keep interest rates at a record low 0.5 percent. Near term support is seen at 1.6329 levels (55Days EMA Daily) and 1.6443 levels (21 Days daily EMA) and resistance can be seen near 1.6443 levels (21Days EMA in Daily). GBP/INR (73.11) Exporters can cover May exposure on 74 onwards 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 72.80-73.35 levels. Short Term: Bullish. Medium term: Maintain bullishness.
AUD: Aussie is currently trading at 1.0859 levels. Yesterday's Trade Balance data came out better at 1.74B versus the expectation of -0.09B. The Australian dollar gained after a Chinese government report showed consumer prices rose faster than forecasted and industrial output slowed. Immediate Resistance is seen near 1.0900 levels while support is seen at 1.0784 levels (21 days 4hrly EMA). Exporters are suggested to book exposure around 1.0900 levels while Importers can cover their exposure near 1.0600 regions and on dips. Short Term: Bullish. Medium term: Maintain Bullishness.
JPY: The Yen is currently trading at 80.89 levels. The Yen plunged on signs of global economic recovery, thus depleting the demand for the safe haven currency. Support is seen at 80.65 levels (21 days 4 hourly EMA) and Resistance is seen at 80.94 levels (55 days 4 hourly EMA). Short term: Slight Bullish for the pair.
Gold: Gold is currently trading at $1522.03 levels, up by $8.03 from yesterday's closing of $1514. The commodity sector rebounded after excessive selloff last week. Support is seen at 1506.96 levels (21 days daily EMA) and Resistance is seen at 1550 levels. Medium term: Bullish.
Crude Oil: Oil is currently trading at 104.01 levels. The oil advanced from yesterday's closing of $101.86 on concerns that rising water level in Mississippi River may affect US refineries. In addition US driving season is about to begin thus appreciating Oil. Support is seen at 101.33 levels (100 days daily EMA) while Resistance is seen at 105.29 levels (55 days daily EMA). Short term to Medium term: Maintain Bullishness.
Dollar Index: DI is currently trading at 74.55 levels. The US 10 year treasury yield is 4bp higher at 3.20%, 3.13bp lower than that of last week. Looking ahead US Trade Balance data is expected weak at -46.8B vs. -45.8B previously. Support is seen near 74.17 (21 days daily EMA) while resistance is seen near 75.291 levels (55 days daily EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).