Technical Outlook

EUR/USD: EUR is currently trading at $1.4856 levels. Euro resumes its upward trend as risk appetite continues to be the dominant theme of the market after Fed keeps the key interest rates unchanged and pledge to keep the interest rates near zero to stimulate growth. Near term resistance is seen near 1.50 and the support is seen at 1.4659 levels (21 day EMA in 4 hourly). EUR/INR is at (65.83) Exporters can cover at current levels for May exposure while importers can cover below 65.00 and further on dips. EUR/INR is likely to trade in the range of 65.45-65.95 levels today. Short term: Bullish and Medium term: Maintain Bullishness.

GBP/USD: The Sterling is currently trading at 1.6727 levels after rising to the high of 1.6745 levels. GBP rallied along with other risky currencies after Fed indicated its policy to continue with near zero interest rates keeping the key interest rates unchanged. Yesterday's Prelim GDP q/q data came out at 0.5% as expected and BBA Mortgage Approvals data came out better at 31.7K vs 30.2K previously. Immediate resistance is seen at 1.6800 while the support seen near 1.6569. GBP/INR (74.06) Exporters should cover near term exposure at current levels while the importers can look to hedge near 73.60 levels and further on dips. GBPINR is likely to trade in the range of 73.85-74.20 levels. Short Term: Bullish and Medium term: Maintain bullishness.

USD/JPY: Yen is currently trading at 81.66. Yen strengthens further after the FOMC meeting leading to the weakness of Dollar against the Yen and other major currencies. Resistance is seen near 81.94 (21 days 4 hourly EMA) while Support is seen near 81.36 levels. Yen Exporters are suggested to book exposure at current levels and Yen Importers can cover very partially at 83.50 plus levels. Short term: Bullish for the pair.

AUD: The Aussie dollar went high breaking 1.09 barrier after Fed's policy stance of ongoing lower interest rates and an end to quantitative easing in June as expected. First quarter CPI was reported to be 1.6% as opposed to an expected 1.2% also supported. After breaking 1.0900 crucial resistance levels, the price action appears to reach for its 1.1000 targets, followed further to the upside by the 1.1100 psychological resistance levels. Exporters are suggested to book exposure at current levels while Importers can cover their exposure near 1.0800 regions and on dips. Short Term: Bullish Medium term: Maintain Bullishness.

Oil: Crude oil is currently trading at $113.00 levels. Oil has climbed high on account of Fed reserves renewed pledge to stimulate the US economy. Total crude oil and petroleum products stocks rose for the first time in 3 weeks, by +2.91 mmb to 1033.58 mmb in the week ended April 22. Resistance is seen near 115 levels and Support is seen near 112.20 levels (21 days 4hrly EMA). Short term to Medium term: Maintain Bullishness.

Gold: Gold is currently trading at $1527.87 levels as it continues to make new records. This has weakened the Greenback appreciating the demand for precious metals like Gold as a store of value. Resistance is seen near 1550 levels while on the downside, buying is expected near support at 1510.30 levels (21 days 4 hrly EMA). Gold seems to be in super bull phase. Medium term: Bullish

Dollar Index: The Greenback has fallen for the sixth straight day as earnings data pushes the S&P500 to its highest level since 2008 and the US Federal Reserve signal they will keep rates low for the foreseeable future and announced that quantitative easing will end as scheduled on June 30. Dollar index extends recent decline and drops to as low as 73.27. Sustained trading below 73 will move it towards all time low of 70.70 made in 2008. Near term support is seen at 73.20 levels (downward trend line support) and resistance is seen near 73.86 levels (21 days 4 hrly EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).