Technical Outlook

EUR/USD: The Euro is trading near $1.4530levels, having touched a 16-month high of $1.4627. Better New home sales report provided little support for the U.S. dollar. New home sales in the US jumped 11.1% to 300,000 annualized units in March, beating market expectations for an increase to 280,000 units. Immediate support comes near 1.4470(55 days 4 Hrly EMA) while the resistance is seen at 1.4647 levels (Recent high). EUR/INR (64.79) Exporters can cover at current levels for April and partially May exposure while importers can cover below 64.40 levels and further on dips. EUR/INR is likely to trade in the range of 64.50 - 64.90 levels today. Short term: Bullish and Medium term: Maintain Bullishness.
GBP/USD: The Sterling is trading at 1.6460, away from a recent yearly high of $1.66. Support for the pound is seen at 1.6405 (55Day 4hrly EMA) and the Resistance is seen at 1.6511(Recent high). A break below 1.6425 levels might see further downside towards 1.63 levels. GBP/INR (73.41) Exporters should cover near term exposure at current levels while the importers can look to hedge near 72.90 levels and further on dips. GBPINR is likely to trade in the range of 73.25- 73.60 levels. Short Term: Bullish and Medium term: Maintain bullishness.
USD/JPY: Yen is currently trading at 81.75. Yen strengthens against most of its major counterparts as increase violence in Syria boosts demands for safer assets. Resistance is seen near 82.05 (21 days 4 hourly EMA) while Support is seen near 81.57 levels. Yen Exporters are suggested to book exposure at current levels and Yen Importers can cover very partially at 84 plus levels. Short term: Bullish for the pair.

AUD/USD: Australian Dollar is currently trading at 1.0690 levels. The commodity currency collapses overnight along with other major risky assets as risk aversion takes place after violence in Syria erupted signaling the escalating tensions in the MENA regions. Resistance is seen at 1.0702 levels (21 days 4 hrly EMA) while Support is seen at 1.0623 levels (55 days 4hrly EMA). Exporters are suggested to book exposure at 1.0700 while Importers can cover their exposure near 1.0500 regions and on dips. Short Term: Bullish Medium term: Maintain Bullishness.

Dollar Index: Dollar Index is trading at 74.06 levels. Yesterday New Home Sales data came out better at 300K vs 270K previously. Looking ahead today CB Consumer Confidence data is expected better at 64.6 vs 63.4 previously. Near term support is seen at 73.78 levels and resistance is seen near 74.21 levels (21 days 4 hrly EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post June-July).

Oil: Crude oil is currently trading at $111.21 levels. Oil fell to the lowest in a week after 31 month high of $113.46 owing to the speculation that global supplies of oil are sufficient. Resistance is seen near 113.45 levels (Recent high) and Support is seen near 108.97 (21 days daily EMA). Short term to Medium term: Maintain Bullishness.
Gold: Gold is currently trading at $1496.63 levels after rising to the high of $1518. Gold seems to be weak on account of an appreciation in the USD because of positive US New Home Sales data that surfaced yesterday. Yet Gold maintains bullishness on account of its ability as an inflation hedging instrument. Resistance is seen near 1505 levels (21 days Daily EMA) while on the downside, buying is expected near support at 1477 levels (21 days daily EMA). Gold seems to be in super bull phase. Medium term: Bullish