EUR: EUR is currently trading at $1.4825 levels. The Euro has breached 1.48 levels for the first time since Dec, 2009. Euro gains as Dollar Index's decline continues after Fed Chairman Ben Bernanke said that the central bank will keep record-low interest rates in place. Yesterday German Unemployment Change data came out better than expected while French Consumer Spending m/m data came out weaker than market expectations. EUR/INR is at (65.89) Exporters can cover at current levels for May exposure while importers can cover below 64.50 and further on dips. EUR/INR is likely to trade in the range of 65.65-66.00 levels today. Short term: Bullish and Medium term: Maintain Bullishness.
GBP/USD: The Sterling is currently trading at 1.6648 levels. The Pound advanced against the dollar as investors expect the Bank of England to raise interest rate as its US counterpart was firm on keeping its own near zero. U.K. government bonds price rose, pushing the 10-year yield down nine basis points to 3.48 percent. Not much movement is expected in sterling today as the UK market is closed. Near term resistance is seen at 1.6800 while the support seen at 1.6583 (21day EMA in H4). GBP/INR (73.95) Exporters should cover near term exposure at current levels while the importers can look to hedge near 73.30 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.
JPY: The Japanese Yen (81.54) managed to gain some ground against the Greenback despite the Bank of Japan's Outlook Report forecasting the Japanese Economy to remain under considerable downward pressure for the time being. On a positive note, the unemployment rate decreased to 4.6% and core CPI was reported to be slightly better than expected. Resistance is seen near 82.50 (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 1.0906 after it fails to breach high of 1.0948 levels as selling pressure increases with the currency inching towards the psychological resistance of 1.10 levels. Private Sector Credit m/m data came out better this morning at 0.6% vs expectations of 0.4%. The Strength in the currency is supported by the weak dollar and bullish run in Yellow Metal. Resistance is seen at 1.1000 levels while Support is seen at 1.0843 levels (21 days 4hrly EMA). Exporters are suggested to book exposure at current levels while Importers can cover their exposure near 1.0600 regions and on dips. Short Term: Bullish Medium term: Maintain Bullishness.
Oil: Crude oil made a new high of $113.96 level and is now trading at 112.51. Crude continues to gain as Dollar Index continues it collapse after Fed Chairman Ben Bernanke said that the central bank will keep record-low interest rates in place. Resistance is seen near 112.66 levels (55 days 1 hrly EMA) and Support is seen near 111.22 levels (55 days 4hrly EMA). Short term to Medium term: Maintain Bullishness.
Gold: Gold is currently trading at $1533.42 levels after making a high of 1538.46 as high global inflation. Resistance for the yellow metal is seen near 1550 levels while on the downside support at 1520.30 levels (21 days 4 hrly EMA). Gold seems to be in super bull phase. Medium term: Bullish
Dollar Index: Dollar index fell to a 3 year low against major currencies and is currently trading at 73.06 levels. Yesterday's softer than expected US GDP and unemployment Data showing slowest recovery in US economy. An increase in pending home sales however provided a slight boost. 10 year Treasury yields lost five basis points to 3.31 percent. Near term support is seen at 72.00 levels and resistance is seen near 73.55 levels (21 days 4 hrly EMA). Outlook remains bearish for Short Term and Medium Term: Bullish (Post July).