India Forex Advisors Market Commentary 22-Jan-2010

  @ibtimes on January 22 2010 2:11 AM

Euro     : EURUSD continued its bearish momentum yesterday, bottomed at 1.4030 levels and currently hovering just around its weekly 100 day moving averages around 1.4122. The bias remains neutral now and the deciding level would be 1.4025 which needs to hold to maintain upper bias in Euro/USD. Only and Only if euro breaks 1.40 this time it would turn medium term bearish. We personally don't feel that euro ahould be very bearish though. (EURUSD-1.4094) Neutral

Sterling   : GBPUSD is currently trading at 1.6208 levels and is having an immediate support between 1.6150 levels (bollinger moving average).However we need a consistent move below 1.6150 to be bearish.(GBPUSD 1.6208).Neutral Neutral

Yen    : The JPY is currently trading near resistance level 90 levels. As per our expectations yen is holding bullishness and targeting 88-89 levels once again due to increased risk aversion. (USDJPY- 90.00) Bullish.

Aud     : The Australian dollar broke down yesterday due to increased gold selling and currently trading around 0.9000 levels.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 bullishness .Buying close to .8900-.9000 levels is recommended.(AUDUSD-0.9000) Cautious Bullish

Gold   : GOLD is currently trading around $1091 levels and does not seem to go below crucial weekly and daily support of 1082 dollars. Buy close to these levels with 15 dollar stoploss for 30-40 dollars. (Gold-$1091) 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 only if sustained trading above 78.50 levels otherwise Rangebound. (DI -78.50) Neutral.

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