India Forex Advisors / Market Commentary / 22_April

By IBTimes Staff Reporter | April 22 2010 5:09 AM

The EURUSD is currently trading at 1.3380 levels and touched low of 1.3358 levels yesterday. Our exporter clients are booked more than 50% above 1.3600 levels for April and May. Near term importers cover near 1.3250 - 1.3340 levels. Please note that the Monthly charts are signalling that Euro is highly oversold but only and only if 1.3650 breaks and closes for 1-2 sessions it can move higher otherwise selling on upmoves would be preferred for exporters till 1.3650. Bearish below 1.3650 levels. (EURUSD - 1.3380).

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GBPUSD is currently trading at 1.5428 levels and moved up after opening with a BIG gap on Monday. We had started covering for exporters from 1.55 levels onwards till April and May. Near term imports are already covered for clients (refer last 17 days update) around 67- 68 levels. Please note that the Monthly charts are signalling that GBP is highly oversold and only and only if it strengthens above 1.55 on 1-2 closing basis it could move higher. - Bearish below 1.5600 levels. (GBPUSD 1.5428).

USDJPY is currently trading 92.83 levels. Yen is taking strong resistance near 93.80 & 94.28, break of these would move towards 95-98 levels. Weekly close above 92 levels has increased chances for a move towards a 96-98 levels. Importers hold for covers till 95 levels atleast. Buys near 91.70 are already fetching us 100 pips. (USDJPY- 92.83). Long Term (3-6 months) Target 98 and higher. WE JUST NEED A CONSISTENT BREAK OF 94.30 TO MAKE THIS HAPPEN.

AUDUSD is currently trading at 0.9266 levels. Importers cover on dips. Exporters in Aud may start booking from 0.9350 onwards partially. Since the Aud has increased interest rates and Gold is holding above $1135 dollars we would stay away from shorts. Buying on dips is recommended. (AUDUSD - 0.9266). Bullish.

Gold is currently trading at $1145 levels and it took support from 55 days moving average at 1124 levels . We feel the bias is clearly on the upside . Buy on dips remains strategy.(Gold- $1145) Bullish.

Dollar index drew support from 55 days EMA and recovered but at this point, there is no confirmation of rally resumption yet. Consolidation from 82.24 might still continue with another fall to 79.51 and below to correct the five wave rally from 74.19 to 82.24. Overall likely to be bullish (Dollar Index 81.21) Bullish