Technical Outlook:EUR/USD: Euro is currently trading at 1.4562 levels. Euro is positive versus the dollar on speculation that the ECB will increase interest rates this week after the European countries pulled Greece from the brink of default. Support is seen at 1.4380 levels (21 days daily EMA) while resistance is seen at 1.4653 levels. EUR/INR (64.74): Exporters can cover short term exposure at 64.90 levels while importers can cover on dips near 64.00 and below. EUR/INR is likely to trade in the range of 64.45-64.92 levels today. Short term: Bullish. Medium term: Bearish.GBP/USD: The Sterling is currently trading at 1.6078 levels. Sterling is positive on the back of risk sentiment in the market even though Manufacturing PMI data came out weaker last Friday. Looking ahead Construction PMI data today is expected weak. Support is seen at 1.6045 levels (21days 4hrly EMA) and resistance is seen at 1.6125 levels (21 days daily EMA). GBP/INR (71.49) Exporters can cover short term exposure near 72.00 levels while the importers can wait to hedge near 71.00 levels and further dips. GBP/INR is likely to trade in the range of 71.25-71.65 levels today. Short term: Bearish. Medium term: Bearish.AUD/USD: The Aussie is currently trading at 1.0743 levels. Building Approvals m/m data and Retail Sales m/m data came out weaker than expected this morning leading to slight weakness in the Australian currency. Support is seen at 1.0693 levels (21 days 4hrly EMA) and resistance is seen at around 1.0857 levels. Exporters are suggested to book exposure at current levels while Importers can cover partially their near term exposure at 1.0500 and further on dips. Short term: bullish. Medium term: Maintain neutral.USD/JPY: Yen is currently trading at 80.77 levels. Monetary Base y/y data came out better this morning. Support is seen at 80.63 levels (21 days daily EMA) while resistance is seen at 80.92 levels (55 days daily EMA). Yen Exporters are suggested to book exposure below 80.00 and Importers can cover above 81.50 levels. Outlook: Short term to medium term: Maintain Bearish for the pair.Gold: Gold is currently trading at 1492.98 levels. Gold is under selling pressure amid end of QE2 and due to reduced concern that Greece may default on debt. Support is seen at 1489.30 (100 days daily EMA) while resistance is seen at 1499.49 levels (21 days 4hrly EMA). Outlook: Medium term Bullish.Oil: Oil is currently trading at 95.23 levels. Oil rose after Europe authorized a loan payout for Greece, easing speculation the country's debt crisis will slowdown the Euro zone economic recovery. Support is seen at 94.86 levels (100 days 4hrly EMA) while resistance is seen at 95.69 levels (200 days daily EMA). Outlook: short term Bearish, Medium term neutral.Dollar Index: DI is currently trading at 74.13 levels. Risk Sentiment is dominant in the market amid Euro zone interest rate hike expected on Thursday this week. ISM Manufacturing PMI data came out better last Friday. Support is seen at 74.05 levels (Trend line Support) and resistance is seen at 74.78 levels (21 days daily EMA). Outlook remains neutral 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.