The EURUSD is currently trading at 1.3230 levels and has touched the low of 1.3199 levels yesterday. Near term importers cover near 1.3000 -1.3100 levels. Please note that the Monthly charts are signaling that Euro is highly oversold. Bearish below 1.3650 levels. (EURUSD - 1.3230).
GBPUSD is currently trading at 1.5356 levels. Near term imports are already covered for clients (refer last 18 days update) around 67- 68 levels. Immediate support comes between 1.5300 1.5330 levels. If it breaks this support zone then we could see further downside till 1.5150 levels. Please note that the Monthly charts are signalling that GBP is highly oversold. Bearish below 1.5600 levels. (GBPUSD 1.5356).
USDJPY is currently trading 93.37 levels. Yen is taking strong resistance near 93.80 & 94.50, 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 at least. (USDJPY- 93.37). 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 0.9206 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 - 0.9206). Bullish.
Gold is currently trading at $1138 levels and it took support from 55 days moving average at $1126 levels . We feel the bias is clearly on the upside. Buy on dips remains is the strategy. (Gold- $1138) Bullish.
Dollar index has once again lifted by Euro's weakness and climbs to 81.98 so far today. Intraday bias remains on the upside and further rebound could be seen near 82 levels resistance zone. Nevertheless, sustained break of 82.24 is needed to confirm medium term rally resumption. Otherwise, another fall could still be seen to continue to consolidation to the five wave medium term rise from 74.19. Below 81.03 minor support will flip intraday bias back to the downside. ShortTerm bias remains Bullish. (Dollar Index) 81.91) Bullish