EUR/USD: Euro is currently trading at 1.4268 levels. Euro rose on the back of the statement by Luxembourg's PM Jean-Claude Juncker's that Europe wouldconsider reprofiling Greece's debt. Support is seen at 1.4138 levels (100 days daily EMA) while resistance is seen at 1.4305 levels (55 days daily EMA). EUR/INR (64.32) Exporters can cover May exposure at current level while importers can cover on dips towards 63 levels. EUR/INR is likely to trade in the range of 64.20-64.55 levels today. Medium term: Maintain Bullishness.
GBP/USD: The Sterling is currently trading at 1.6250 levels. Pound looses its gains on Tuesday after rallying on the back of better than expected UK consumer prices, as investors acknowledged that higher inflation was unlikely to lead to an interest rate rise before this year-end. Higher price risks may hold back the economy's recovery also capped demand for the UK currency. Support is seen at 1.6165 levels (100 Days Daily EMA) while Resistance is seen at 1.6350 levels (21 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 81.30 levels. Yen dropped the most in almost 3 weeks vs. the dollar and it also touched a one-week low against the euro before a report tomorrow forecasts to show Japan's economy will contract in the first quarter. BOJ Governor said the economy is in a very severe state, fueling speculation monetary policy may be eased further. Support is seen at 81 levels (55 days 4 hrly EMA) while resistance is seen at 81.67 levels (200 days daily EMA). Short term: Slight Bullish for the pair.
AUD/USD: Aussie is currently trading at 1.0634 levels. AUD Wage Price Index q/q data came out weaker than expected this morning at 0.8% vs. 1.0% previously and Westpac Consumer Sentiment data came out weaker than expected at -1.3% vs. 1.2% previously. The currency has little impact after wage price index data this morning showed that wages rose at a slower pace than economists had estimated. This data has fuelled the speculation that RBA may not increase interest rates very aggressively over the next 12 months. Immediate resistance is seen near 1.0674 levels (21 days daily EMA) while support is seen at 1.0495 levels (55 days daily EMA). Exporters are suggested to book exposure around 1.0750 - 1.0800 levels while Importers can cover their exposure near 1.0500 regions and on dips. Short Term: Bullish. Medium term: Maintain Bullishness.
Dollar Index: DI is currently trading at 75.17 levels. Dollar is weak after European finance ministers floated the idea of talks with bondholders over extending Greece's debt-repayment schedule for the first time. US Building Permits data came out weaker at 0.55M vs. 0.57M previously, Housing Starts data dropped to 0.52M vs. 0.59M previously and Industrial Production m/m data came out weaker at 0.0% vs. 0.7% previously. Support is seen near 74.81 levels (21 days daily EMA) while resistance is seen near 76.34 levels (100 days daily EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).
Gold: Gold is currently trading at 1492.18 levels. Support is seen at 1448.23 levels (100 days daily EMA) and resistance is seen at 1502.31 levels (21 days daily EMA). Outlook: Medium term Bullish
Oil: Crude oil is currently trading at 98.24 levels. Strong support is seen at 95.01 levels (200 days daily EMA) and resistance is seen at 101.02 levels (100 days daily EMA). Outlook: Medium term Bullish.