The EURUSD is currently trading at 1.2680 levels after touching a high of 1.2712 levels. It is moving higher due to good bond auctions in eurozone countries , and poor US data overall and increased risk appetite in overall market seen last few days. It seems to be in a medium term correction phase with a overall bias unchanged below 1.30 levels. A sustained break of 1.25 would confirm that the upside bias would be over. We had suggested exporters to cover at every rise and we still maintain that. Our previous bearish targets 1.20 and below had reached few days back. (refer previous reports). (EURUSD - 1.2680).Neutral.
GBPUSD is currently trading at 1.5150 levels and it should soon form a top . It seems to be slight bullish above 1.50 levels. We would be confirmed of it topping out once we see a top and break below 1.5000 levels. Exporters can look at covers at current levels. Medium term importers hold for buying pound. (GBPUSD - 1.5150). Neutral
USDJPY is currently trading at 88.32 levels. YEN should bottom soon . Do not initiate any position currently. Though the trend in yen is still strong a good support can occur anytime. Yen Exporters may book partially. (USDJPY 88.32)
AUDUSD is currently trading at 0.8760 levels. It is still maintaining bearish bias till we see downside in commodities to maintain. It should encounter good resistance around 0.8800 levels. Bearish (AUDUSD - 0.8760)
Gold is currently trading at $1197 levels and its bias is mixed now. It has reached our previous target of 1250 . We had recommended a steep correction in gold which we saw recently. refer previous reports). (Gold- $1197) Overbought .
Dollar index's broke past its important support at 85.20 levels. We have to be careful since staying below 85 levels on a consistent note would favors 83.50 levels . It seems to be in correction mode currently. (Dollar Index- 83.82) Overall Bullish .