EURO: The Euro (1.2710), which seemingly formed the base at 1.2608 (expected support) yesterday, could lead to a corrective rally towards 1.2760-2830, within an overall downtrend. Immediate support continues to be near 1.26 levels which was held. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term. Today's Euro's M3 data would be viewed. Medium term Neutral tolight bearish.
GBP: The Pound (1.5550) took the support of 1.5388 levels yesterday from where it shot up to 1.5560 levels in the evening session. Losses below 1.5370 could lead the pair down to 1.5331 levels and the next decline should extend below 1.5295 & 1.5265 area. Selling around current levels with tight stoploss in place. Risk continues to be on the downside for the pair. Medium term Neutral to bearish.
JPY: UsdJpy (84.76) recovered well yesterday from the earlier lows of 83.50, which was merely responding to threats of intervention. The trend remains bearish, however, and if yesterday's correction extends up to 85.30-40 by tomorrow, it could run into more shorts. Support is seen near 82.85 levels(last low) whereas chances are seen that it could be pushed higher towards 87 levels soon. MediumTerm outlook remains Yen bearish towards 87-88 levels.
AUD: The Aussie (0.8871) remains weak overall, but followed the overall pattern with other currencies & corrected to the 0.8895 levels. Support continues to be at 0.8770 on the Weekly charts & chances of its extending it up to 0.8920-70 levels can be seen. Bias: Overall weak
Gold: Gold(1239) tested our target of $1241 levels yesterday & is hoverng around the same levels currently. If the momemtum in the market contiues to be stronger then the next target in gold would be $1262 levels(high of 27.06) Medium Term remains- Bullish
Dollar Index: Dollar index is currently trading at 83.10 levels. Strong support comes at 80 levels.Bias remains bullish for dollar index target 83.45 and 85.40 levels.