EUR/USD: EUR is currently trading at 1.3628 levels. EURUSD advanced to as high as 1.3698, its strongest reading since September 21st, following commitment by European leaders to recapitalize the region's financial institutions. French Indus-trial Production m/m data and Sentix Investor Confidence data came out better yesterday. Support is seen at 1.3539 levels (100 days 4hrly EMA) and resistance is seen at 1.3719 levels (200 days 4 hrly EMA). EUR/INR is at 66.61 levels. Exporters can cover short term exposure at current levels while Importers can cover exposure at 65.80 levels and below. EUR/INR is likely to trade in the range of 66.00 and 66.80 levels for today. Short Term: Bearish Medium Term Bearish. Target 1.3000 levels. EUR/INR should be in the range of 64.00-67 levels in the near term.
GBP/USD: GBP is currently trading at 1.5629 levels. As expected the key interest rates were left unchanged yesterday by the BOE. Support is seen at 1.5523 levels (55 days 4hrly EMA) and resistance is seen at around 1.5681 levels. GBP/INR (76.32) Exporters can cover short term exposure at current levels and slightly higher while the short term importers can cover on dips towards 75.50 and below levels. GBP/INR is likely to trade in the range of 75.80 and 76.60 levels today. Main-tain short term Bearish and Medium Term Bearish. Target 1.5100.levels.
USD/JPY: Yen is currently trading at 76.66 levels. Current Account data came out better at 0.65T vs. the expectation of 0.51T. Support is seen at around 76.20 levels while resistance is seen at 77.12 levels (55 days daily EMA). Yen exporters are suggested to book exposure partially at current levels and Importers can cover above 78.00 levels. Outlook: Short Term slight Bullish and Medium Term: Maintain bearish for the pair. USD/JPY pair should range in 76-78 levels. Bounce back till 80 levels is possible. Yen exporters should cover at current levels.
AUD/USD: AUD is currently trading at 0.9959 after it made the high above the parity at 1.0014 levels. The commodity cur-rency rises vs. the greenback amid risk sentiment in the market, increasing demand for higher yielding assets. Support is seen at around 0.9880 levels (100 days 4hrly EMA) and resistance is seen at around 1.0072 levels (200 days 4hrly EMA). Exporters have already been suggested to book export exposure at 1.0300-1.0400 levels and again should cover on any bounce towards 1.0200 levels while Importers can cover partially their near term exposure at current levels and further on dips. Short Term: Bearish Medium Term: Bearish. Target 0.9500.
Oil: Oil is currently trading at 85.21 levels. Oil rises amid indications that crude exports will be affected from Kuwait due to custom employees demand for higher wages and in Nigeria due to oil-worker unions demands to press the government to protect their members. Support is seen at 84.26 levels (200 days 4hrly EMA) while resistance is seen at around 86.12 levels. Outlook: Short term bearish and medium term bearish Target 77 levels.
Gold: Gold is currently trading at 1680.06 levels. Gold rises slightly as dollar weakens amid optimism created by the Euro-zone officials recently, increasing demand for the yellow metal as a hedge against the uncertainties and inflation. Support is seen at 1597.85 levels (200 days daily EMA) and resistance is seen at 1711.35 levels (55 days daily EMA). As suggested at 1800 dollars gold is in consolidation phase. Stay away from longs until we see significant corrections. Gold is Bearish short term target 1500 dollars. Look at initiating shorts at good resistances.
Dollar Index: DI is currently trading at 77.62 levels. Dollar is weak for now amid risk sentiment in the global financial mar-ket. Support is seen at 76.94 levels (200 days weekly EMA) and resistance is seen at 77.87 levels (100 days weekly EMA). Outlook remains slight bullish for Short term and Medium Term: Bullish. Target is 80 soon.
These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.