Technical Outlook
EUR/USD: Euro is currently trading at 1.3436 levels. Euro is trading weak vs. the greenback amid deteriorating debt situation and amid German report today that may show business confidence in Europe's biggest economy fall more then expectation. Support is seen ataround 1.3275 levels and resistance is seen at 1.3538 levels (21 days 4hrly EMA). EUR/INR is at 66.54 levels. Exporters can cover short term exposure at current levels while Importers can cover exposure at 64.50 levels and below. EUR/INR is likely to trade in the range of 66.00 and 66.80 levels. Short Term: Bearish Medium Term Bearish. Target 1.3300 levels. EUR/INR should range in 65-67 levels.
GBP/USD: GBP is currently trading at 1.5460 levels. The cable is weak amid strong risk aversion in the market. Support is seen at around 1.5352 levels and resistance is seen at 1.5649 levels (55 days 4hrly EMA). GBP/INR (76.64) Exporters can cover short term exposure at current levels and slightly higher while the short term importers can cover on dips to-wards 75  and below levels. GBP/INR is likely to trade in the range of 76.10 and 76.80 levels today. Maintain short term Bearish and Medium Term Bearish. Target 1.53 levels.
USD/JPY: Yen is currently trading at 76.42 levels. Support is seen at around 76.12 levels while resistance is seen at 77.38 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 s possible.
AUD/USD: AUD is currently trading at 0.9776 levels. The commodity currency is trading weak amid risk aversion in the market, decreasing demand for higher yielding assets. Support is seen at around 0.9703 levels and resistance is seen at 1.0000 levels. Exporters have already been suggested to book export exposure at 1.0400 levels while Importers can cover partially their near term exposure at current levels and further on dips. Short Term: Bearish Medium Term: Bearish. Next target 0.9600
Oil: Oil is currently trading at 79.96 levels. Oil is weak on concerns that weak global economy will falter oil demand. Support  is seen at around 78.07 levels while resistance is seen at 82.34 levels (21 days 4 hrly EMA). Outlook Short term bearish and medium term bearish. 
Gold: Gold is currently trading at 1639.30 levels. Gold is under selling pressure as Investors are piling up more dollars and it seems gold no longer looks attractive at current prices. The very fact that gold has been falling despite risk aversion in the markets signals weakness in gold. Support is seen at 1591.68 levels (200 days daily EMA) and resistance is seen at 1690.72 levels (100 days daily EMA). As suggested at 1800 dollars gold is in consolidation phase. Stay away from longs until we see significant corrections. Bearish in short term target 1500 dollars.
Dollar Index: DI is currently trading at 77.68 levels. Risk Aversion is rampant through the global financial market as Investors are running for the safety of the greenback as Investors confidence in global recovery decreases for now. Support is seen at around 77.47 levels and resistance is seen at around 78.54 levels. Outlook remains slight bullish for Short term and Medium Term: Bullish. Next target 78-78.50 levels.
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.