Technical Outlook:
EUR/USD: Euro is currently trading at 1.4310 levels. Euro weakened against the dollar before European leaders begin a two-day summit in Brussels today to discuss Greece's bailout as the nation struggles to stave off default. Looking ahead German Flash Manufacturing PMI, German Flash Services PMI data, Flash Manufacturing PMI, Flash Services PMI and Belgium NBB Business Climate data is expected weaker. Support is seen around 1.4225 levels (100 days daily EMA) while resistance is seen at 1.4355 levels (21 days daily EMA). EUR/INR (64.27): 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 64.00-64.45 levels today. Short term: Bearish. Medium term: Bearish
GBP/USD: The Sterling is currently trading at 1.6043 levels. The pound fell drastically as minutes released yesterday from the BOE's showed more policy makers voted to keep interest rates at a record low this month. Support is seen at 1.6000 levels (psychological support) and resistance is seen around 1.6097 levels (200 days daily EMA). GBP/INR (72.09) Exporters can cover short term exposure near 74.00 levels while the importers can look to hedge partially at current levels. GBP/INR is likely to trade in the range of 71.90-72.32 levels today. Short term: Bearish. Medium term: Bearish
AUD/USD: The AUD is currently trading at 1.0546 levels. The Aussie weakens along with other major risky currencies as Dollar jumped on cues that FED is not pursuing QE3. Support is seen at 1.0485 levels (100 days daily EMA) and resistance is seen around 1.0581 levels (21 days 4 hrly 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.
USD/JPY: Yen is currently trading at 80.43 levels. The Yen weakens slightly as Dollar strengthened across board on cues that Fed is not pursuing QE3. Support is seen at 80.34 levels (55 days 4hrly EMA) while resistance is seen at 80.49 levels (100 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.
Gold: Gold is currently trading at 1547.13 levels. Gold continues to be positive as FED lowered its economic growth outlook for US boosting demand for yellow metal as alternative safe heaven. Strong Support is seen at 1533.76 (21 days daily EMA) while resistance is seen at 1550 levels. Outlook: Medium term Bullish.
Oil: Oil is currently trading at 94.25 levels. Oil declined slightly overnight as U.S. fuel demand may weaken after the Fed lowered its economic growth outlook for US. Support is seen around 92.20 levels while resistance is seen at 95.94 levels (200 days daily EMA). Outlook: short term slight Bearish, Medium term Bullish.
Dollar Index: DI is currently trading at 75.03 levels. Dollar Index is positive as Fed did not signal QE3 although lowers its economic growth outlook for US and kept the key interest rates unchanged. Support is seen at 74.76 levels (21 days daily EMA) and resistance is seen at 75.76 levels (21 days Weekly EMA). Outlook remains Bullish for Short Term and Medium Term: Bullish (Post July).

DISCLAIMER
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.