EUR/USD: Euro is currently trading positive at 1.4360 levels. Euro collapsed overnight, as risk aversion takes hold of the market after disappointing data from the US yesterday added concerns over the economic stability of the world. Support is seen at 1.4308 levels (200 days 4 hourly EMA) while resistance is seen around 1.4483 levels. EUR/INR (64.53): Exporters can cover partially short term exposure at current levels while importers can cover on dips near 63.50 levels. EUR/INR is likely to trade in the range of 64.35-64.68 levels today. Short Term: Neutral to bearish, Medium term: Slight bearish.
GBP/USD: The Sterling is currently trading at 1.6325 levels. Sterling collapsed versus dollar after manufacturing PMI data came out much weaker than expected, which increased the speculation that UK will be forced to keep interest rates at low record until next year. Support is seen around 1.6235 levels (100 day daily EMA) and resistance is seen at 1.6356 levels (21 days daily EMA). GBP/INR (73.38) Exporters can cover short term exposure near 74.30- 74.40 levels while the importers can look to hedge partially at 72.80 levels and further on dips. GBPINR is likely to trade in the range of 73.20-74.52 levels today.Term: Neutral to bearish. Medium term: Slight bearish
AUD/USD: Australian Dollar is currently trading at 1.0622 levels. The Aussie is weaker against the dollar as risk aversion dominates and Australia's trade balance data came out weaker than expected. But this morning AUD retail sales data came out better than expected. Support is seen at 1.0578 levels (55 days daily EMA) and strong resistance is seen around 1.0650 levels (21days daily EMA and 100 days 4 hourly EMA). Exporters are suggested to book exposure around 1.0700 levels while Importers can cover partially their near term exposure at 1.0550 and further on dips. Short Term: Neutral to slight bearish.term: Maintain Bullishness.
USD/JPY: The pair is currently trading at 81.06 levels. The yen declined against most currencies after Japanese Prime Minister Naoto Kan faced a no-confidence vote that could attract enough support within his Democratic Party of Japan to pass, thus requiring him either to call new elections or resign within 10 days. Resistance is seen near 81.81 (55 days Daily EMA) while support is seen near 80.75 levels. Yen Exporters are suggested to book exposure at 80.20 and Yen Importers can cover partially near 82.40 plus levels. Short term to medium term: Maintain Bullishness for the pair.
Gold: The Gold is currently trading at 1539.09 levels. Gold is positive as investors see it as an alternative safe heaven on growing economic concerns. Support is seen at $1535.62 levels (21 days 4 hourly EMA) while resistance is seen at $1550 levels. Outlook: Medium term Bullish.
Oil: Oil is currently trading at 99.69 levels. Crude oil dropped after data showed that U.S. companies have added fewer jobs than forecast last month and also the expansion of manufacturing has slowed, bolstering concern fuel demand will weaken. Support is seen at 95.66 levels (200 days daily EMA) while resistance is seen at 100.88 levels (100 days daily EMA). Outlook: Medium term Bullish.
Dollar Index: DI is currently trading at 74.84 levels. Risk aversion grips the market as the dollar rebounded yesterday after weaker than expected ADP Non-Farm Employment Change data and ISM Manufacturing PMI data. Looking ahead Unemployment Claims data today is expected better. Support is seen at 74.44 levels and resistance is seen at 75.10 levels (21 days daily EMA). Outlook remains Neutral to slightly Bullish for Short Term and Medium Term: Bullish (Post July).