EUR/USD: Euro is currently trading at 1.4096 levels. Euro collapsed against most of its major counterparts on concerns that European finance ministers may fail to quell speculation about Greece's debt restructuring. Support is seen at 1.4000 (Psychological level) while the resistance is seen near 1.4113 levels (100 days daily EMA). EUR/INR (63.49) Exporters can cover May exposure while importers can cover partially at current levels and wait for further cover on dips towards 63 levels. EUR/INR is likely to trade in the range of 63.20-63.80 levels today. Medium term: Maintain Bullishness.
GBP/USD: The Sterling is currently trading at 1.6252 levels. Sterling fell against the Euro and Dollar after stronger-than-expected German growth data last Friday reinforced the belief that Euro Zone interest rates would rise faster than the UK's. Support is seen at 1.6022 (200 Days Daily EMA) while Resistance is seen at 1.6207 levels (100 days daily EMA). GBP/INR (72.85) Exporters can cover May exposure on 74 onwards while the importers can look to hedge partially at 72.50 levels and further on dips. GBPINR is likely to trade in the range of 72.50-73.25 levels. Short Term: Bullish. Medium term: Maintain bullishness.
USD/JPY: JPY is currently trading at 80.92 levels. JPY rose this morning with the Core Machinery orders m/m data unexpectedly came better at 2.9% against the forecast of -9.7%. However, it must be borne in mind that this data excludes ships and other utilities. Support is seen at 80.00 levels while resistance is seen at 81.25 levels (21 days daily EMA). Short term: Slight Bullish for the pair.
AUD/USD: Aussie is currently trading at 1.0549 levels. Home Loans m/m data came out weaker this morning at -1.5% vs. the expectation of 2.3% while New Motor Vehicle Sales m/m data also came out weaker at -3.5% vs. 3.9% previously. AUD trading weak after home loan data came out weaker and as falling prices of major commodities damped demand for the nation's assets. Immediate resistance is seen near 1.0688 levels (21 days daily EMA) while support is seen at 1.0531 levels (55 days daily EMA). Exporters are suggested to book exposure around 1.0700 levels while Importers can cover their exposure near 1.0500 regions and on dips. Short Term: Bullish. Medium term: Maintain Bullishness.
Gold: The Yellow metal is currently trading at $1491.41 levels. Gold plunged with the rise of Dollar on account of Sovereign debt worries again surfacing in the Euro zone. The bloc's finance ministers meet to discuss a bailout plan for Portugal today. However, there is a speculation that Gold may gain the next week on account of physical buying of the metal. Support is seen at 1476.78 levels (55 days daily EMA) while resistance is seen at 1504.26 (21 days daily EMA). Medium term: Bullish.
Oil: Crude Oil is currently trading at $98.78 levels. Nowadays whatever that threatens to hinder the growth in US has its reflection in global Oil prices. Along with this the sovereign debt crisis in Europe also threatens the growth in the Euro zone thus diminishing Oil prices. Support is seen at 94.96 (200 days daily EMA) while Resistance is seen at 101.15 levels (100 days daily EMA). Short term to Medium term: Maintain Bullishness.
Dollar Index: DI is currently trading at 75.19 levels. Risk aversion dominates as Dollar is positive on the back of escalating Euro debt issues and continuous collapse in major commodities in recent days. On Friday CPI m/m came out neutral as expected and Prelim University of Michigan Consumer Sentiment data came out better at 72.4 vs. 69.8 previously. Looking ahead today Empire State Manufacturing Index is expected weaker at 20.7 vs. 21.7 previously and TIC Long-Term Purchases data is expected stronger at 57.7B vs. 26.9B previously. Support is seen near 75.36 levels (55 days daily EMA) while resistance is seen near 76.36 levels (100 days daily EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).