Technical Outlook:

EUR/USD: The Euro is currently trading at 1.4080 levels. The Euro fell broadly on looming worries regarding Greece's debt restructuring and the fresh Spanish concerns. Spanish Prime Minister Jose Luis Rodriguez Zapatero's Socialist party suffered its worst defeat in more than 30 years in local elections amid a backlash over austerity measures. Near term Support is seen at 1.4000 levels while the resistance is seen near 1.4124 levels (100 days daily EMA). EUR/INR (63.60) Exporters can cover short term exposure at 64.00 levels while importers can cover on dips towards 63.25 levels. EUR/INR is likely to trade in the range of 63.30-63.80 levels today. Short Term: Bearish, Long term: Maintain Bullishness.

GBP/USD: The Sterling is currently trading at 1.6212 levels. Sterling slipped against the dollar, tracking a fall in the euro. Support is seen at 1.6027 levels (100 Days Weekly EMA) while resistance is seen at 1.6299levels (55days Daily EMA). GBP/INR (73.24) Exporters can cover May exposure on 73.50 onwards while the importers can look to hedge partially at 72.50 levels and further on dips. GBPINR is likely to trade in the range of 73.05-73.48 levels today. Short Term: Bullish. Medium term: Maintain bullishness.

USD/JPY: Japanese Yen is currently trading at 81.95 levels. Yen continues to depreciate on the back of Japan's weak economy. Support is seen at 81.34 levels (21 days daily EMA) while resistance is seen at 82.16 levels (100 days daily EMA). Short term to medium term: maintain Bullishness for the pair.

AUD/USD: Australian Dollar is currently trading at 1.0579 levels. The Aussie fell against its major counterparts as Asian equities dropped with the negative Euro news. Support is seen at 1.0552 levels (55 days daily EMA) and resistance is seen at 1.0664 levels (21 days daily EMA). Exporters are suggested to book exposure around 1.0700 levels while Importers can cover their exposure near 1.0500 regions and on dips. Short Term: Bullish. Medium term: Maintain Bullishness.
Gold: The Yellow metal is currently trading at $1509levels. Gold gained as concerns about European debt problems increased. Support is seen at 1503.08 levels (21 days daily EMA) while resistance is seen at 1526(May 13 high)). Medium term: Bullish.

Oil: Crude Oil is currently trading at $99.07levels. Oil declined on concerns that fuel demand may be weaken due to slower pace of growth of the U.S economy. Support is seen at 95.20 (200 days daily EMA) while Resistance is seen at 102.10 levels (21 days daily EMA). Short term to Medium term: Maintain Bullishness.

Dollar Index: Dollar Index is currently trading at 75.65 levels. The dollar is positive as risk aversion takes place amid worsening debt concerns in Euro zone. US bond yields have gone down, 10Y by 6bps to 3.12%. Support is seen near 75.36 levels (55 days daily EMA) while resistance is seen near 76.38 levels (100 days daily EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).