EUR/USD: Euro is currently trading at 1.4367 levels. The euro climbed above the 1.44 region after Greek Prime Minister won a confidence vote but retreated again below 1.44 amid investor concerns that the government will struggle to pass austerity measures to avoid default. Support is seen around 1.4223 levels (100 days daily EMA) while resistance is seen at 1.4435 levels. EUR/INR (64.41): Exporters can cover short term exposure near current levels while importers can cover on dips near 63.20 levels. EUR/INR is likely to trade in the range of 64.25-64.68 levels today. Short term: Bearish. Medium term: Bearish
GBP/USD: The Sterling is currently trading at 1.6210 levels. GBP is under selling pressure after BOE official said quantitative easing remained a possibility as the UK economic recovery continues to remain fragile. Support is seen around 1.6192 levels and resistance is seen around 1.6247 levels (55 days 4 hourly EMA). GBP/INR (72.70) Exporters can cover short term exposure near 74.00 levels while the importers can look to hedge partially at 72.00 levels. GBP/INR is likely to trade in the range of 72.48-72.95 levels today. Short term: Bearish. Medium term: Bearish
USD/JPY: Yen is currently trading at 80.25 levels. The Yen consolidated in a narrow 80.05-80.40 range. Japanese all industry activity increased 1.5% in April after easing sharply to -6.4% in March. Support is seen at 80.00 levels while resistance is seen at 80.48 levels (21 days daily EMA). Yen Exporters are suggested to book exposure at 79.90 and Yen Importers can cover above 82.50 levels. Outlook: Short term to medium term: Maintain Bearish for the pair.
AUD/USD: The AUD is currently trading at 1.0580 levels. The currency is slightly weak against the dollar on Greece concern, damping demand for growth-sensitive currencies. Support is seen at 1.0484 levels (100 days daily EMA) and resistance is seen around 1.0612 levels (21 days daily EMA). Exporters are suggested to book exposure around 1.0700 levels while Importers can cover partially their near term exposure at 1.0500 and further on dips. Short term: Neutral to slight bearish. Medium term: Maintain Bullishness.
Gold: Gold is currently trading at 1546.30 levels. Gold extended gains for a fifth session amid anxiety over the Greece's debt situation. Strong Support is seen at 1532.06 (21 days daily EMA) while resistance is seen at 1550 levels. Outlook: Medium term Bullish.
Oil: Oil is currently trading at 93.60 levels. Oil fell on signs that a drop in U.S. stockpiles will be smaller than forecast and speculation that OPEC countries including Saudi Arabia are increasing supplies. Support is seen at 91.69 levels (55 days Weekly EMA) while resistance is seen at 94.20 levels (21 days 4 hourly EMA). Outlook: short term slight Bearish, Medium term Bullish.
Dollar Index: DI is currently trading at 74.65 levels. Dollar index recovered slightly after some selling overnight as the Greek Prime Minister won the confidence vote but now the government might struggle to pass the austerity measures to avoid default. Yesterday Existing Home Sales data came out slightly weaker then expectation. Support is seen at 74.52 levels and resistance is seen at 74.75 levels (21 days daily EMA). Outlook remains Bullish for Short Term and Medium Term: Bullish (Post July).
These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.