India Forex Advisors / Market Commentary / 13_Aug_2010

By @ibtimes on

Eur/Usd pair is currently trading at 1.2861 levels, pushed down by the downbeat industrial production data which dragged the pair to a low of 1.2828 levels. Support for lies at 1.2770 levels breach of which will move it towards 1.2730 levels. Medium term Bullish. Event: Gross domestic product (Germany), Trade Balance.

The pair is currently trading at 1.5623 levels. The Gbp/Usd drops further to as low as 1.5560 levels and intraday bias remains on the downside for near term. Breach of above levels will be an important indication of reversal and will turn focus to 1.5340 levels ( 38.2% retracement of 1.4230 to 1.5997 levels). On the upside , resistance lies at 1.5711 levels. Medium term Neutral.

The pair is currently trading at 86.04 levels. The Yen remains under pressure because of the verbal intervention by Japanese Officials. Resistance for the pair lies at 86.40 levels breach of which will move it towards 86.62 levels. Medium term Outlook: Mixed towards Bearish.

The Aud/Usd is currently trading at 0.9005 levels. The pair is positioned in a descending wedge which is Bearish. Support for lies at 0.8900 levels break of which will move it towards 0.8790 levels. However pair will take direction from strong commodities. Medium term Bearish.

Gold is currently trading at 1216 levels. Immediate support comes at 1199 levels (21 Days 4hrly EMA). Cautious buying can be initiate near 1200-1204 levels.

Dollar Index is currently trading at 82.48 levels. Immediate support comes near the crucial 80 levels . The break of 83.50 levels would only change the bearishness in the index otherwise the momentum is still dollar bearish

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