Technical Outlook:

EUR/USD: Euro is currently trading at 1.4301 levels. It rallied along with stocks and commodities after few minutes of FOMC meeting on April 26/27 showed some support for another asset purchase program, i.e. QE3, if there is a significant risk in the economic outlook. Support is seen at 1.4231 levels (21 days 4 hourly EMA) while the resistance is seen near 1.4371 levels (21 days daily EMA). EUR/INR (64.25) 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 64.15-64.45 levels today. Short Term: Bullish Medium term: Maintain Bullishness.

GBP/USD: The Sterling is currently trading at 1.6176 levels. Sterling fell to a six-week low against the dollar and Euro after weak Claimant Count Change data yesterday and the minutes of the Bank of England's May meeting showed an unchanged 6-3 majority seeing no need for an increase in interest rates. Nationwide Consumer Confidence data came out weaker this morning and looking ahead today Retail Sales m/m data is expected better. Support is seen at 1.6028 (200 Days Daily EMA) while resistance is seen at 1.6207 levels (100 days daily EMA). GBP/INR (72.73) 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 72.60-72.95 levels. Short Term: Bullish. Medium term: Maintain bullishness.

AUD/USD: AUD is currently trading at 1.0667 levels. The Australian dollar rose for a third day as Asian stocks extended global gains, spurring demand for higher-yielding assets. Support is seen at 1.0542 levels (55 days daily EMA) and resistance is seen at 1.0710 levels. 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.

USD/JPY: JPY is currently trading at 81.56 levels. JPY continues to weaken as a government report showed Japan's economy contracted by more than estimated last quarter after a record earthquake. Support is seen at 81.25 levels (21 days daily EMA) while resistance is seen at 81.84 levels (55 days daily EMA). Short term to medium term: maintain Bullishness for the pair.

Oil: Crude Oil is currently trading at $100.83 levels. Oil traded near the highest in more than a week after a US government data yesterday showed an unexpected drop in U.S. crude inventories and supply disruptions. Support is seen at 95.07 (200 days daily EMA) while resistance is seen at 103.86 levels (55 days daily EMA). Short term to Medium term: Maintain Bullishness

Gold: Gold is currently trading at 1496.60 levels. It may advance as further signs of a global economic slowdown and protracted sovereign-debt concerns Support is seen at 1493.47 levels (55 days daily EMA) and strong resistance is seen at 1499.40 levels (200 days daily EMA). Outlook: Medium term Bullish

Dollar Index: DI is currently trading at 75.37 levels. Risk sentiment increased after the FOMC meeting signaled U.S. interest rates will remain near zero. Looking ahead, Unemployment Claims data is expected better, Existing Home Sales data also expected better along with Philly Fed Manufacturing Index. Support is seen near 74.86 levels (21 days daily EMA) while resistance is seen near 76.32 levels (100 days daily EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).