EUR/USD: Euro is currently trading at 1.4225. Euro fell over night as speculation grew that European leaders are slowing the drive to grant Greece additional aid. Support is seen at 1.4112 (100 Days daily EMA) while the resistance is seen near 1.4507 (21 days daily EMA). EUR/INR (63.71) Exporters can hold to cover May exposure while importers can cover partially at current levels and wait for further cover on dips towards 63 levels. EUR/INR is likely to trade in the range of 63.60-64.00 levels today. Short term: Bullish. Medium term: Maintain Bullishness.
GBP/USD: The Sterling is currently trading at 1.6369 levels after reaching a high of 1.6517. The Pound gained against the dollar after the Bank of England's signal of inflation being markedly higher thus fuelling the speculation of hike in interest rate. However, Britain's Trade Balance data that came to be weaker at -7.7B yesterday put a cap on the GBP's hike. Support is seen at 1.6331 (55 days daily EMA) while resistance is seen at 1.6437 (21 days daily EMA). GBP/INR (73.29) 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 73.05-73.45 levels. Short Term: Bullish. Medium term: Maintain bullishness.
AUD/USD: Aussie is currently trading at 1.0623 levels. Employment Change data came out weak this morning at -22.1K versus 43.3K previously. The currency fell sharply after a government report showed employers cut 22,100 jobs in April, the biggest drop since 2009. Immediate Resistance is seen near 1.0723 levels (21 days daily EMA) while support is seen at 1.0526 levels (55 days daily EMA). Exporters are suggested to book exposure around 1.0700 levels while Importers can cover their exposure near 1.0500 regions and on dips. Short Term: Bullish. Medium term: Maintain Bullishness.
USD/JPY: The Yen is currently trading at 81.10 levels. Yen weakened as Japan's current account data this morning showed a depleted surplus in March more than expectations as the nation's exports are hurting due to the devastating earthquake. Support is seen at 80.95 levels (55 days 4 hourly EMA) and resistance is seen at 81.38 levels (21days daily EMA). Short term: Slight Bullish for the pair.
Oil: Crude Oil is currently trading at $99.60 after reaching the high of $104.40. WTI crude oil plunged after the US Energy Department report showed that the US crude inventory increased more than expected. Support is seen at 94.84 (200 days daily EMA) while Resistance is seen at 101.30 levels (100 days daily EMA). Short term to Medium term: Maintain Bullishness.
Gold: Gold is currently trading at $1505.93 levels after reaching a high of $1526.47. Support is seen at 1487.16 (200 days 4hrly EMA) while resistance is seen at 1511.85 levels (55 days 4 hourly EMA). Medium term: Bullish
Dollar Index: DI is currently trading at 75.28 levels. US Trade balance data came out weaker yesterday at -48.2B versus -45.4B previously. Looking ahead US Retail sales data is expected better at 0.5% vs. 0.4% previously and Unemployment Claims data is also expected better at 430K vs. 474K previously. Support is seen near 74.28 (21 days daily EMA) while resistance is seen near 76.39 levels (100 days daily EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).