India Forex Advisors Market Commentary 21-Jan-2010

By IBTimes Staff Reporter | January 21 2010 2:31 AM

Euro : EURUSD continued its bearish momentum yesterday, bottomed at 1.4062 and closed at 1.4086.The bias remains to the downside targeting 1.4000 psychological level. Only and only if euro trades below these levels further bearishness till 1.38 could be seen. Immediate resistance is at 1.4120 levels. (EURUSD-1.4094) Neutral

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Sterling : GBPUSD is currently trading at 1.6260 level and is having an immediate support between 1.6200-1.6240 levels. However we need a consistent move below 1.6200 level to confirm the bearish scenario targeting 1.6050. Immediate resistance at 1.6350. (GBPUSD 1.6260).Neutral

Yen : The JPY is currently trading near resistance level 91.55 levels. Immediate resistance near 92.20 levels where cautious shorts can be initiated with tight stoploss of 92.50, target 90.40 levels. Trend still remains bullish for yen below 93.80 levels targeting 89 (USDJPY- 91.55) Bullish.

Aud : The AUDUSD had a bearish momentum yesterday, bottomed at 0.9068 and closed at 0.9090 and it is currently trading at 0.9130 level.Immediate support near 0.8980 level (100Days Daily EMA) and Immediate resistance at 0.9160 (21 days EMA). Break above that resistance area should trigger further bullish .Buying close to .8900 levels is recommended.(AUDUSD-0.9130) Cautious Bullish

Gold : GOLD is currently trading at $1110 levels. Immediate support comes around $1096 levels which if broken then could see strong support near $1065 levels. Immediate resistance comes near $1125 levels. ONLY and Only if gold trades below $1134 levels in 2-3 trading session should trigger further bearish scenario towards $1096 level and below (Gold-$1110) Neutral.

Dollar Index: Dollar Index is trading near resistance level of 78.50 level which in broken then could see further bullish scenario towards 80 levels. Bias remains bullish above 76.80 levels. (DI -78.50) Rangebound.