EUR/USD: Euro is currently trading at 1.4500 levels. Euro rallied strongly vs. the dollar on prospects the ECB will increase interest rates by next week to tame the inflation and as Greece passed its austerity bill to clear the way for the next aid package. Support is seen around 1.4435 levels (21 days hrly EMA) while resistance is seen at 1.4658 levels. EUR/INR (64.91): Exporters can cover short term exposure at 65.10 levels while importers can cover on dips near 64.20 and below. EUR/INR is likely to trade in the range of 64.50-65.30 levels today. Short term: Bearish. Medium term: Bearish
GBP/USD: The Sterling is currently trading at 1.6107 levels. Sterling is positive supported by Euro as risk sentiment dominates the market after Greece austerity measures were passed successfully yesterday. GfK Consumer Confidence data came out weaker than expectations this morning. Support is seen at 1.6073 levels (55 days 4hrly EMA) and resistance is seen at 1.6145 levels (21 days daily EMA). GBP/INR (72.07) Exporters can cover short term exposure near 72.40 levels while the importers can wait to hedge near 71.60 levels. GBP/INR is likely to trade in the range of 71.80-72.40 levels today. Short term: Bearish. Medium term: Bearish
AUD/USD: The Aussie is currently trading at 1.0736 levels. The Australian dollar rallied strongly vs. the dollar. Support is seen at 1.0650 levels (trend line support) and resistance is seen at 1.0766 levels. Exporters are suggested to book exposure around 1.0800 levels while Importers can hold cover partially their near term exposure at 1.0400-1.0500 and further on dips. Short term: bearish. Medium term: Maintain neutral
USD/JPY: Yen is currently trading at 80.42 levels. Yen is strong vs. the dollar on the grounds of Greece passing austerity measures boosting Risk sentiment worldwide. Support is seen at 80.00 levels while resistance is seen at 81.57 levels (21 days Weekly EMA). Yen Exporters are suggested to book exposure below 80.00 and Importers can cover above 81.00 levels. Outlook: Short term to medium term: Maintain Bearish for the pair.
Gold: Gold is currently trading at 1513.57 levels. Gold Advances as dollar loses ground. Support is seen at 1489.12 (100 days daily EMA) while resistance is seen at 1522.05 levels (21 days daily EMA). Outlook: Medium term Bullish.
Oil: Oil is currently trading at 95.06 levels. Oil rallied after a report showed U.S. crude stockpiles data fell yesterday and Greece's government won a vote on austerity measures which prevented the first Euro zone default for now. Support is seen around 93.49 levels (55 days 4hrly EMA) while resistance is seen at 95.72 levels (200 days daily EMA). Outlook: short term Bearish, Medium term neutral.
Dollar Index: DI is currently trading at 75.03 levels. Dollar loses grounds against most of its counterparts as risk sentiment grips the market on the back of passing of the austerity measures by Greece even though Pending Home Sales m/m data of US came out better yesterday. Looking ahead Unemployment data is data is expected better and Chicago PMI data which is expected weak. Support is seen at 74.57 levels and resistance is seen at 74.97 levels (21 days daily EMA). Outlook remains Bullish for Short Term and Medium Term: Bullish (Post June - July).
These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.