EUR/USD: EUR is currently trading at 1.3428 levels. Euro rises vs. the greenback amid slight risk sentiment today. As ex-pected ECB left the benchmark interest rates unchanged yesterday and ECB president commented that downside risk exist for the Eurozone economy. The positive news was the European Central Bank's announced that it would resume its bond purchases to lower yields and reintroduce year long loans for banks, as a way to free up liquidity. Looking ahead German Industrial Production m/m data is expected weak. Support is seen at around 1.3187 levels and resistance is seen at 1.3539 levels (100 days 4 hrly EMA). EUR/INR is at 65.86 levels. Exporters can cover short term exposure at 66.00 while Importers can cover exposure at 64.00 levels and below. EUR/INR is likely to trade in the range of 65.30 and 66.00 levels for today. Short Term: Bearish Medium Term Bearish. Next Target 1.3000 levels . EUR/INR should be in the range of 64.00-66 levels in the near term.
GBP/USD: GBP is currently trading at 1.5457 levels. The cable collapsed on shocking surge in the expansion of the assets purchase from the expected 50 billion pounds in the coming months to sudden 75 billion hike yesterday. This led the bears to pound on the weak currency and forced the bulls to cut their positions. As expected the key interest rates were left un-changed yesterday by the BOE. Support is seen at around 1.5382 levels and resistance is seen at 1.5510 levels (55 days daily EMA). Looking ahead PPI Input m/m data is expected better. GBP/INR (75.84) Exporters can cover short term expo-sure at current levels and slightly higher while the short term importers can cover on dips towards 75 and below levels. GBP/INR is likely to trade in the range of 75.30 and 76.00 levels today. Maintain short term Bearish and Medium Term Bearish. Target 1.5400 achieved. Next target 1.5100.
USD/JPY: Yen is currently trading at 76.63 levels. Support is seen at around 76.27 levels while resistance is seen at 77.17 levels (55 days daily EMA). Yen exporters are suggested to book exposure partially at current levels and Importers can cover above 78.00 levels. Outlook: Short Term slight Bullish and Medium Term: Maintain bearish for the pair. USD/JPY pair should range in 76-78 levels. Bounce back till 80 levels is possible. Yen exporters should cover at current levels.
AUD/USD: AUD is currently trading at 0.9777 levels. The commodity currency rises sharply vs. the greenback amid slight risk sentiment in the market, increasing demand for higher yielding assets. Support is seen at 0.9661 levels (21 days 4 hrly EMA) and resistance is seen at 0.9878 levels (100 days 4hrly EMA). Exporters have already been suggested to book export exposure at 1.0300-1.0400 levels and again should cover on any bounce towards .9900 levels while Importers can cover partially their near term exposure at current levels and further on dips. Short Term: Bearish Medium Term: Bearish. Target 0.9500 .
Oil: Oil is currently trading at 82.72 levels. Oil rises as Wednesday's oil inventories data showed US oil stockpile dropped and on optimism that European officials will do all it takes to contain the debt crisis from spreading. Support is seen at 80.59 levels (55 days 4hrly EMA) while resistance is seen at 84.28 levels (200 days 4hrly EMA). Outlook Short term bearish and medium term bearish Target 77 levels.
Gold: Gold is currently trading at 1664.38 levels. Gold rises slightly as dollar weakens and on optimism that recession will be averted as European officials were making progress in taming the Euro zone sovereign-debt crisis. Support is seen at 1596.10 levels (200 days daily EMA) and resistance is seen at 1681.27 levels (100 days daily EMA). As suggested at 1800 dollars gold is in consolidation phase. Stay away from longs until we see significant corrections. Gold is Bearish short term target 1500 dollars. Short at 1700 dollars for 100 dollars.
Dollar Index: DI is currently trading at 78.64 levels. Risk aversion fades slightly today as ECB announced yesterday that it would resume its bond purchases to lower yields and reintroduce cheaper long term loans for banks, as a way to free up liquidity. Looking ahead Non-Farm Employment Change data is expected better and Unemployment Rate data is expected neutral. Support is seen at 77.82 levels (100 days 4 hrly EMA) and resistance is seen at around 79.29 levels. Outlook re-mains slight bullish for Short term and Medium Term: Bullish. Target is 80 soon.
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.