India Forex Advisors Market Commentary 19-Feb-2010

By @ibtimes on

The bias remains neutral in nearest term and the major bearish scenario remains intact. The hourly to daily charts are highly oversold hence selling may not be initiated fresh. Only a break above 1.3750 would trigger bullishness for the pair. Staying below 1.3600 would target 1.3400 levels. (EURUSD - 1.3480) Bearish below 1.3750

The GBPUSD fell with a bang post the discount rate hike by the FED and the bias remains neutral in nearest term and we may see an upward correction soon. The 30 min to weekly charts are oversold signifying turn at any point of time.  Only a break of 1.5800 would negate the bearish scenario. Strong support holds around 1.5350 levels. (GBPUSD - 1.5410) Bearish below 1.5800 levels 

USDJPY is currently trading at 91.80 levels momentum is building on the upside. Upside correction is expected near 93 levels. Resist initiating shorts for the pair due to increased risk appetite in global commodities and equities. (USDJPY- 91.80). Signs of bearishness developing

AUDUSD is currently trading at 0.8895 levels. Correction seems to be over for Australian dollar and up move again resumed. Buying on dips remains the strategy. Further bullishness till 0.9250 levels is expected. (AUDUSD - 0.8895)
Bullishness

Since gold has been moving up constantly and holding above $1090 levels. It is bullish in medium term again. Buying on dips near $1090 -$1095 is recommended.  (Gold-$1102)
Bullish.

Dollar index has surpassed the 81 levels on the news of Fed hiking the discount rate to 0.75%. (Dollar Index - 81.20). Bullish above 80 levels.

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