India Forex Advisors Market Commentary 16-Feb-2010

By IBTimes Staff Reporter | February 16 2010 2:16 AM

EUR : EURUSD didn't make significant movement yesterday. The bias remains neutral in nearest term and the major bearish scenario remains intact but we still have potential bullish correction indicated by the falling wedge formation. Immediate resistance at 1.3680 areas. Break above 1.3750 would trigger bullishness for the pair. Staying below 1.3600 would target 1.3400 levels. (EURUSD - 1.3642) Bearish below 1.3750.

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GBP : The GBPUSD was indecisive yesterday and the bias remains neutral in nearest term and we need a break from the triangle to see clearer direction. The rejection to move below 1.5550/30 area could trigger some upside correction momentum but overall the bearish scenario should remains intact. Immediate resistance at 1.5700 followed by 1.5800. On the downside, break below 1.5550/30 should continue the bearish scenario towards 1.5250 areas. (GBPUSD - 1.5690) Bearish below 1.5800 levels.

JPY :USDJPY is currently trading at 89.78 levels. Upside correction is expected near 91 levels (Weekly trendline). Initiate shorts near these levels for the target of 88.40 levels and even lower due to increased risk aversion. Only a break of 92.50 levels would change the bias of the Yen. (USDJPY- 89.78) Bullish.

AUD : AUDUSD is currently trading at 0.8972 levels.Immediate resistance comes near 0.9000 levels (As expected) which if broken and trades above this levels in 2- 3 trading session then could see further bullish pressure till 0.9250 level. (AUDUSD - 0.8972) Neutral.

GOLD : Gold is currently trading at $1108 levels. Upside correction is expected till $1110-$1115 levels.Initiate shorts between these resistance levels with tight stoploss above $1118 levels. (Gold-$1108) Neutral

Dollar Index : Dollar index is currently trading at 80.12 levels. Immediate support comes near 79.50 levels. Overall dollar looks to be strong in short-term till 82 levels. Short-term Bullish.