EUR/USD: Euro is currently trading at 1.4470 and is maintaining bullishness. Euro maintains its bullish outlook after disappointing U.S. labor data and the currency also rose despite high peripheral-core yield spreads in the Euro-zone as the market seems to view that the sovereign debt crisis will be contained. Looking ahead, EUR CPI y/y is expected Neutral at 2.6%. Immediate resistance comes near 1.4520 levels (the high of 13/4/2011) while immediate support is seen around 1.4454 levels (21 days 4hrly EMA).EUR/INR (64.46) Exporters can cover partially at current levels for April exposure while importers can cover near 63.60 levels and further on dips. EUR/INR is likely to trade in the range of 64.20 64.60 levels today. Short term: Bullish and Medium term: Maintain Bullishness.
GBP/USD: The Sterling is currently trading at 1.6337 levels. GBP Nationwide Consumer Confidence came out better at 44 vs 39 previously. Support is seen near 1.6315 (21 days daily EMA) and Immediate resistance is comes near 1.6382 (21 Upper bollinger). GBP/INR (72.83) exporters should cover near 73.00 regions and short term importers can cover near 72.30 levels and further on dips. GBPINR is likely to trade in the range of 72.30 to 73.10 levels today. Short term : Bullish and Medium term: Maintain bullishness.
USD/JPY: The pair is currently trading near 83.40 levels. Yen fell to its lowest level U.S. initial jobless claims unexpectedly rose to 412,000. Strong Resistance is seen near 83.80 (4hrly 21 days EMA and middle bollinger) while Strong Support is seen near 83.02 (200 days 4hrly EMA). Yen Exporters are suggested to book exposure near 82.00 levels and Yen Importers can cover very partially at 84.00 levels. Short term: Bullish for the pair. AUD/USD: Australian Dollar is currently trading at 1.0520 levels. The commodity currency rallied strongly after Gold rallied upwards and reports showed China's retail sales and consumer prices rose last month, adding to signs that the region's economic recovery is gaining momentum. term support is seen at 1.0491levels (4hrly middle bollinger) Resistance is seen at 1.0551levels (4hrly Upper bollinger). Exporters are suggested to book exposure near 1.0580 levels while Importers can cover their exposure near 1.0368 regions. Short Term: BullishMedium term: Maintain Bullishness.
Gold: Gold is trading at 1471.80 levels. Gold gained to record levels as inflation in China accelerated more than forecast and an extended decline in the dollar increased the attractiveness of precious metals as a store of value. Resistance is seen near 1480 levels while on the downside, buying is expected near support at1446.42 levels (21 days daily EMA).Short term : BullishMedium term: Maintain Bullishness
Crude Oil: Crude oil is currently trading at $108.35 after comments from a Saudi Arabia based economist who said that the holder of the world's biggest crude reserves, may cut production this month, indicating that the supply may shrink. Strong Resistance is seen near 109.80 levels (4 hrly upper bollinger) and strong Support is seen near 107.95 levels (4 hrly 55 and 21 days EMA). Short term: Maintain Bullishness Medium Term : Maintain Bullishness
Dollar Index: Dollar Index is trading at 75.13 levels. Yesterday US Unemployment Claims data came out very weak at 412K vs 385K previously. Looking Ahead TIC Long-Term Purchases is expected better at 59.4B and Industrial Production m/m is expected better at 0.5%. Strong Support is seen near 74.63 levels (lower bollinger 4Hrly) and resistance is seen near 74.92(1Day EMA) . Outlook remains bearish for Short Term and Medium Term: Bullish (Post July 2011).