The EURUSD is currently trading at 1.2320 and in a clear downtrend but in the 4th correction wave and then a big 5 wave down. Strong resistance at 1.2350 levels. It is targeting levels of 1.18 again after this correction. We had suggested exporters to cover at every rise and we still maintain that. (Only EURO/USD leg , we can wait for covering USD/INR leg) . Our previous bearish targets 1.20 and below had reached few days back. (refer previous reports). Exporters cover at current 1.2320 levels. Bearish-target 1.18 & below . (EURUSD - 1.2220).Bearish
GBPUSD is currently trading at 1.4810 levels and entered a small correction mode after a fall below 1.4400. The correction should end soon. We maintain bearishness to a target of 1.4228 levels still. We are still bearish on the pair. GBP Importers hold for covers.( Cover USD/INR leg) . Exporters cover the GBPUSD leg at current levels. Target 1.41 & below in medium term. (GBPUSD - 1.4810).Bearish
USDJPY is currently trading at 91.40 levels. We have seen an up move due to increased risk appetite but still moving in a bearish bias. Target 90 again. Overall yen should remain range bound till a decisive break. (USDJPY 91.40) Neutral
AUDUSD is currently trading at 0.8650 levels. Target of 0.8000 and below expected in medium term. Exporters cover at every rise in the pair. They can cover at current levels. Bearish Still. (AUDUSD - 0.8650).
Gold is currently trading at $1234 levels and its bias is clearly on the upside. It has reached our target of 1240 levels against our buys at 1175-80 dollars 2-3 weeks back . Buying on still dips remains the strategy. (Gold- $1234) Bullish.
Dollar index's is in slight correction mode due to euro but would soon reach our target of 88-89 levels again. Maximum room till 85- 86.50 which would act as support. The powerful impulsive move is in line with our view of bullishness . Still room higher. (Dollar Index- 86.07) Overall Bullish.