India Forex Advisors Market Commentary 15-Jan-2010

By IBTimes Staff Reporter | January 15 2010 1:21 AM

Euro : EURUSD has weakened and is currently trading at 1.4405 levels. It has an immediate support near 1.4390 level. Bias is still mixed but bullishness would be confirmed once 1.4650 would break on the upside. Initiate buy near 1.4390 -1.4400 levels with tight stoploss above 1.4340 levels, profit target 100-120 pips (EURUSD-1.4405). Rangebound

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Sterling : GBPUSD is currently trading near 1.6340 levels. It is having an immediate support near 1.6240 levels where buying can be initiated for the target of 150-200 pips. (GBPUSD 1.6340). Rangebound

Yen : The JPY is currently trading near 91.12 levels and is having an immediate resistance near 92.20 levels (200 days EMA) which if broken then could see upside move near 93.50 levels. Levels close to 93.50 remains strong technical resistance plus stochastic in weekly charts are also showing strength in yen. Cautious shorts can be initiated near 92.20 levels for the target of 90.20 levels with tight stoploss of 150 pips. Trend still remains bullish for yen below 93.50 levels (USDJPY- 91.12) Bullish.

Aud : AUDUSD is consistently trading above 21 Days daily EMA and is currently trading at 0.9266 levels. Immediate resistance near 0.9410 levels (double top formation) where cautious shorts can be initiate for the target of 100-150 pips. (AUDUSD - 0.9268) Short term Bearish

Gold : GOLD is currently trading at $1138 levels. Initiate buy near $1120 levels for a target of 30 dollars. Do not go short on gold since it seems quite bullish. Buying on downside levels is recommended. (Gold-$1138) Bullish.

Dollar Index: Dollar Index is having an immediate support near 76.70 - 76.80 levels. Dollar Index is in consolidation mode as of now till it maintains the support of 76.50- 76.60 levels and resistance of 77.80 levels. (DI -77.05). Neutral.