India Forex Advisors Market Commentary 29-Jan-2010

Sterling  : GBPUSD is currently trading at 1.6130 levels and and is having a strong resistance of 1.6250 level (trendline Resistance). Downside correction is expected near 1.60 levels. Since Euro is leading the show with further bearishness we could test 1.5800 levels.(GBPUSD - 1.6130) Bearish

Yen         : The JPY is currently trading at 89.90 levels and is having a strong resistance of 91.20 levels. Yen is holding bullishness and targeting 88.40 levels and even lower due to increased risk aversion. (USDJPY- 89.90) Bullish.

Aud      : The Australian dollar is correcting due to increased risk aversion and gold selling . Good support is located close to 0.8900 levels. Buying close to 0.8900 levels is recommended.(AUDUSD-0.8900) Cautious Bullish

Gold     : GOLD is currently trading around $1081 levels and is having immediate resistance near $1100 which if broken then could see strong resistance near $1118 where shorts can be initiated for the target of 30 dollars, stoploss above $1128 levels. Resist shorts at spot. (Gold-$1081) Bullish.

Dollar Index: Dollar Index is currently trading near 79.01 levels. We expected further bullish scenario towards 80 levels. Bias remains bullish only if sustained trading above 78.50 levels otherwise Rangebound. (DI -79.01). Neutral.