EUR/USD: Euro is currently trading at 1.4394 levels. Euro paired most of its yesterday gains and is holding slight positive vs.the dollar in spite of weak Core CPI data yesterday. Support is seen at around 1.4344 levels while resistance is seen at around 1.4453 levels. EUR/INR (65.67): Exporters can cover short term exposure at current levels while importers can cover short term exposure at 64.00 and below. EUR/INR is likely to trade in the range of 64.90 - 65.70 levels today. Short term: Bearish. Medium term: Bearish. Target 1.3800 levels.
GBP/USD: The Pound is currently trading at 1.6516 levels. The cable is positive vs. the dollar amid slight risk appetite in the market although Bank of England voting unanimously to hold rates steady and Claimant Count Change figures came out weaker than expected yesterday. Looking ahead Retail Sales m/m figures is expected weaker. Support is seen at around 1.6464 levels and resistance is seen at around 1.6589 levels. GBP/INR (75.34) Exporters can cover short term exposure at current levels while the short term importers can cover on dips towards 73.00 and below levels. GBP/INR is likely to trade in the range of 74.60 - 75.40 levels today. Short term: Bearish. Medium term: Bearish. Target - 1.5800 levels
USD/JPY: Yen is currently trading at 76.67 levels. Trade Balance data came out weaker than expected due to strengthening yen and global slowdown which is affecting the export driven economy like Japan. Support is seen at around 76.38 levels while resistance is seen at 77.01 levels (55 days 4 hourly EMA). Yen Exporters are suggested to book exposure partially at current levels and Importers can cover above 78.50 levels. Outlook: Short term to medium term: Maintain bearish for the pair. Target 76 levels again
AUD/USD: Australian dollar is currently trading at 1.0525 levels. The commodity currency is slight weaker vs. the dollar due to decreasing demand for higher-yielding assets and money flowing to safer assets. Support is seen at 1.0461 levels (55 days 4hrly EMA) and resistance is seen at 1.0594 levels (200 days 4hrly EMA). Exporters are suggested to book exposure at current levels while Importers can partially cover their near term exposure at 1.0250 and further on dips. Short term: bearish. Medium term: bearish. Target 1.000 levels
Oil: Oil is currently trading at 87.58 levels. Oil is slight weak as investors bet fuel demand will falter amid signs of a weakening economy in the US. Strong Support is seen at 86.66 (21 and 55 days 4 hourly EMA) while resistance is seen at 88.53 levels (100 days 4 hourly EMA). Outlook: Short term bearish and medium term bearish. Target 82.00 levels
Gold: Gold is currently trading at 1790.77 levels. Gold is positive amid PPI figures where wholesale costs rose more than forecast, spurring demand for the yellow metal as a hedge against inflation. Support is seen at 1774.92 levels (21 days 4hrly EMA) while resistance is seen at around 1807.83 levels. Outlook: Medium term Bullish. Target 1800 levels
Dollar Index: DI is currently trading at 73.79 levels. Dollar is recovering from yesterdays loses as risk sentiment is losing steam. Yesterday PPI m/m and Core PPI m/m data came out better than expected. Support is seen at around 73.56 levels (Trend Line support) and Resistance is seen at 74.35 levels (21 days daily EMA). Outlook remains Slight bullish for Short Term and Medium Term: Bullish Target 76 levels
DISCLAIMERThese 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.