The EURUSD is currently trading at 1.2362 and in a very short term correction mode. It might extend till 1.25-1.26 levels. Exporters and traders should go short euro around there for a target of 1.20- 1.22 and below. We had advised exporters to cover at 1.30 levels for medium term (refer week back update). Bearish-target 1.2000 & below . (EURUSD - 1.2362).
GBPUSD is currently trading at 1.4400 levels . The bias clearly bearish further down but in short term we might see a move till 1.45-1.47 levels . We can cover for exports there. We got some exporters covered few days back at 1.5050 levels (refer previous updates). We had already broken below our target of 1.45 levels. (Refer previous update). We are still bearish on the pair. Target 1.41 & below in medium term. (GBPUSD - 1.4400).Bearish.
USDJPY is currently trading 91.72 levels. We can expect a move close to 93-94 levels and then again push lower towards a 90-91 levels due to increased risk aversion. Please note that the yen is also not getting strong the way it should be , so any retracements in the currencies would push yen above 93-93.50 . (USDJPY 91.72) Neutral.
AUDUSD is currently trading at 0.8418 levels. Exporters got booked few days back at 0.9050 levels. Target of .8000 expected in medium term. Bearish Still. (AUDUSD - 0.8418).
Gold is currently trading at $1197.58 levels and its bias is clearly on the upside. It had reached our target of 1st Target of 1200 dollars and 2nd target of 1240 levels. Buying on dips remains the strategy. Start averaging gold at every levels till 1174 and hold for 70- 100 dollars move. (Gold- $1197.58) Bullish.
The Index has also reached our second target of 87.00. Dollar index's rise from 74.19 has accelerated after staying firm above upper channel resistance. The powerful impulsive move is in line with our view that rise from 74.19 is resuming the long term up trend from 70.70. We'd expect a test on 87 high sooner or later (already reached). Strong support comes near 85 levels . Dollar index is clearly bullish above 80 levels. Still room higher.(Dollar Index- 86.53) Overall Bullish.