The EURUSD is currently trading at 1.2320 and in a clear downtrend after the correction to 1.2670 levels. Maintain selling for exports even at current levels. We target 1.20 and below. We had advised exporters to cover at 1.30 levels for medium term (refer week back update). Importers hold for covers. Bearish-target 1.2000 & below . (EURUSD - 1.2320).
GBPUSD is currently trading at 1.4540 levels . The bias is clearly bearish below 1.4600 trendline levels. We got some exporters covered few days back at 1.5050 levels (refer previous updates). Exporters can start covering. We are still bearish on the pair. Importers hold for covers. Target 1.41 & below in medium term. (GBPUSD - 1.4540).Bearish.
USDJPY is currently trading 91.22 levels. We have seen a 89-90 levels due to increased risk aversion. Stay short on the USD/JPY pair . The trend for the pair has turned slight bearish below 95.00 levels. May-June Importers cover yen at current levels and exporters cover close to 88-89 level. (USDJPY 91.22) Neutral
AUDUSD is currently trading at 0.8520 levels. Exporters got booked few days back at 0.9050 levels , still can sell further . Target of .8000 and below expected in medium term. Bearish Still. (AUDUSD - 0.8520).
Gold is currently trading at $1213 levels and its bias is clearly on the upside. It had reached our target of 1st Target of 1200 dollars and 2nd target of 1240 levels. Buying on dips remains the strategy. We have bought gold at 1175-80 levels as suggested (refer 2 weeks update) and holding long till 1240 dollars atleast. (Gold- $1213) Bullish.
The Index has also reached our second target of 87.00. The powerful impulsive move is in line with our view that rise from 74.19 is resuming the long term up trend from 70.70. We'd expect a test on 88-89 high sooner or later. Strong support comes near 84.60 levels . Dollar index is clearly bullish above 80 levels. Still room higher. (Dollar Index- 86.61) Overall Bullish.