EUR/USD: EUR is currently trading at $1.4673 levels after rising to the high of $1.4713. This appreciation has occurred on account of the increase in the risk appetite surrounding the markets. Current consolidation phase may last into tomorrow but we doubt we have seen an important top yet. Near term resistance is seen at 1.4750 and the support is seen at 1.4586 (21 day EMA in 4 hourly).
EUR/INR is at (65.19) Exporters can cover at current levels for April exposure while importers can cover below 64.00levels and further on dips. EUR/INR is likely to trade in the range of 64.80-65.70 levels today. Short term: Bullish and Medium term: Maintain Bullishness.
GBP/USD: The Sterling is currently trading at 1.6498 levels after rising to the high of 1.6531 levels. After the speculations that the Fed will continue its monetary easing measures post June the Dollar is weak against its major counterparts including GBP. Looking ahead the Quarterly preliminary GDP data arriving today in Britain is expected to be better at 0.5% levels. Immediate resistance is seen at 1.6546 (200 days EMA in weekly) while the support comes near 1.6421 (55 days EMA in 4 hourly).
GBP/INR (73.26) Exporters should cover near term exposure at current levels while the importers can look to hedge near 72.00 levels and further on dips.GBPINR is likely to trade in the range of 73.15-73.45 levels. Short Term: Bullish and Medium term: Maintain bullishness.USD/JPY: The pair is currently trading near 81.63 levels near one month low of 81.27 hit in early morning. S&P cuts japans sovereign rating warning that the huge cost from last month's devastating earthquake will hurt the country's already weak public finances without tax hikes. Resistance is seen near 82.58 (21 days Daily EMA) while support is seen near 80.60 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: The commodity currency is currently trading at record levels of 1.0833 levels and is very positive after better them expected CPI data. CPI q/q data came out better this morning at 1.6% vs 0.4% previously. CPI gained the most in last 5 yrs as natural disasters inflated food costs and Middle East tensions increased fuel bills higher. Resistance is seen at 1.0900 levels while Support is seen at 1.0738 levels (21 days 4hrly EMA). Exporters are suggested to book exposure at current levels while Importers can cover their exposure near 1.0500 regions and on dips. Short Term: Bullish Medium term: Maintain Bullishness.
Oil: Crude oil is currently trading at $112.21 levels. Crude is stable today after yesterday's fall although it seems bullish momentum remains as the crude is trading above the 110$ per barrel mark, Resistance is seen near 113.45 levels (Recent high) and Support is seen near 111.63 levels (21 days 4hrly EMA). Short term to Medium term: Maintain Bullishness.
Gold: Gold is currently trading at $1507.70 levels after rising to the high of $1518.34 levels yesterday. Gold advances again on concerns that dollar to depreciate further as Risk Appetite again take hold of the market overnight spurring demand for precious metals. Resistance is seen near 1518 levels (recent record high) while on the downside, buying is expected near support at 1505.06 levels (21 days 4 hrly EMA). Gold seems to be in super bull phase. Medium term: Bullish
Dollar Index: Dollar Index is trading at 73.61. Yesterday CB Consumer Confidence data came out better at 65.4 vs 63.8 previously. Risk appetite loses momentum yesterday as dollar again weakens after speculation that Fed will consider further easing measures to support the US economy after June. Looking ahead today Core Durable Goods Orders m/m data and Key Interest Rate decision is expected to be Neutral. Near term support is seen at 73.00 levels and resistance is seen near 74.06 levels (21 days 4 hrly EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post June-July).