The EURUSD is currently trading at 1.2511 and in a very short term correction mode. It has already reached 1.26 levels (refer Thursday's view). Exporters and traders should go short euro around there 1.26-1.28 for a target of 1.20- 1.22 and below. We had advised exporters to cover at 1.30 levels for medium term (refer week back update). Importers hold for covers. Bearish-target 1.2000 & below . (EURUSD - 1.2511).
GBPUSD is currently trading at 1.4478 levels . The bias is clearly bearish we might see a move till 1.45-1.47 levels . We can cover for exports there. We got some exporters covered few days back at 1.5050 levels (refer previous updates) .We are still bearish on the pair. Importers hold for covers. Target 1.41 & below in medium term. (GBPUSD - 1.4478).Bearish.
USDJPY is currently trading 90.17 levels. We have seen a 89-90 levels due to increased risk aversion. Stay short on the USD/JPY pair . The trend for the pair has turned slight bearish below 95.00 levels. May-June Importers cover yen at 92 levels and exporters cover close to 88-89 level. Ideally 88.10 support should hold. (USDJPY 90.17) Neutral.
AUDUSD is currently trading at 0.8290 levels. Exporters got booked few days back at 0.9050 levels. Target of .8000 expected in medium term. Exporters cover at every rise in the pair. Bearish Still. (AUDUSD - 0.8290).
Gold is currently trading at $1187 levels and its bias is clearly on the upside. It had reached our target of 1st Target of 1200 dollars and 2nd target of 1240 levels. Buying on dips remains the strategy. Start averaging gold at every levels till 1174 and hold for 70- 100 dollars move. (Gold- 1187.00) Bullish.
The Index has also reached our second target of 87.00. Dollar index's rise from 74.19 has accelerated after staying firm above upper channel resistance. The powerful impulsive move is in line with our view that rise from 74.19 is resuming the long term up trend from 70.70. We'd expect a test on 88-89 high sooner or later. Strong support comes near 85 levels . Dollar index is clearly bullish above 80 levels. Still room higher. (Dollar Index- 85.76) Overall Bullish