Technical Outlook

EUR/USD: Euro is currently trading positive at 1.4243 levels. The euro is seen rallying on the concerns that US economy is losing growth momentum even though there is news that IMF may not release its share of aid to Greece next month. Looking ahead German Prelim CPI m/m data is expected weaker and M3 Money Supply y/y data is expected better. Support is seen at 1.4173 levels (55 days 4 hourly EMA) while strong resistance is seen at 1.4270 (55 days daily EMA). EUR/INR (64.45) Exporters can cover partially short term exposure at current levels while importers can cover on dips towards 63.25 levels. EUR/INR is likely to trade in the range of 64.20-64.68 levels today. Short Term: Neutral to bearish, Medium term: Slight bearish.

GBP/USD: The Sterling is currently trading at 1.6428 levels. The pound strengthened against the Dollar on the back of concerns that the US economy is losing momentum. Strong support is seen at 1.6297 levels (21 and 55 days daily EMA) while resistance is seen at 1.6487 levels. GBP/INR (74.30) Exporters can cover short term exposure at current levels 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 74.00-74.55 levels today. Short Term: Neutral to bearish. Medium term: Slight bearish.

USD/JPY: The Yen is currently trading at 80.94 levels. The Yen is trading stronger against the Dollar on account of weakness in the Greenback after its abysmal Unemployment claims data that surfaced yesterday. The support is seen at 80.14 levels while resistance is seen at 81.81 levels (55 days daily EMA). Yen Exporters are suggested to book exposure at current levels and Yen Importers can cover very partially at 83.50 plus levels. Short term to medium term: Maintain Bullishness for the pair.

AUD/USD: Aussie is currently trading at 1.0707 levels. An increased volatility was experienced in AUD with the fall in commodities. Support is seen at 1.0639 levels (21 days daily EMA) while resistance is seen at 1.0858. Exporters are suggested to book exposure at current levels while Importers can cover their near term exposure at 1.0550. Short Term: Neutral to slight bearish. Medium term: Maintain Bullishness.

Gold: Gold is currently trading at 1524.43 levels. Gold recorded losses for the first time in 5 days amid the broad-based decline in commodities. Support is seen at 1509 levels (21 days daily EMA) while resistance is seen at 1542.92. Outlook: Medium term Bullish.

Oil: Oil is currently trading at 100.67 levels.  Crude oil retreated gains made over the past 2 days. Strong support is seen at 95.33 levels (200 days daily EMA) while resistance is seen at 102.93 levels (55 days daily EMA). Outlook: Medium term Bullish.

Dollar Index: Dollar Index is currently trading at 75.59 levels. Unemployment Claims and Prelim GDP q/q data came out weaker than expected. Looking ahead Core PCE Price Index m/m data is expected better and Personal Spending m/m data is expected weaker while Pending Home Sales m/m data is also expected weaker. Support is seen at 75.44 levels (55 days daily EMA) while resistance is seen near 76.25 levels (100 days daily EMA). Outlook remains Neutral to slightly Bullish for Short Term and Medium Term: Bullish (Post July).