EUR/USD: Euro is currently trading at 1.4524 levels. Euro is trading slight positive against the dollar amid risk appetite in the market as optimism continues after the Jackson Hole meeting that global growth will not falter. Support is seen at 1.4466 levels (21 days daily EMA) while resistance is seen at around 1.4575 levels. For EUR/INR it is recommended to sell at 67.00 levels. Exporters can cover short term exposure at current levels while importers can cover exposure at 65.10 and below. EUR/INR is likely to trade in the range of 66.35-66.95 levels today. Short term: Bearish. Medium term: Bearish. Target 1.4000 levels
GBP/USD: The Pound is currently trading at 1.6388 levels. The cable is positive vs. the dollar tracking positive euro and due to risk appetite in the market. Looking ahead UK Net Lending to Individuals m/m data is expected better. Support is seen at 1.6369 levels (21 days daily EMA) and resistance is seen at around 1.6473 levels. GBP/INR (75.22) Exporters can cover short term exposure at current levels while the short term importers can cover on dips towards 74.10 and below levels. GBP/INR is likely to trade in the range of 75.00 - 75.65 levels today. Short term: Bearish. Medium term: Bearish. Target - 1.6000 levels.
USD/JPY: Yen is currently trading at 76.86 levels. Japan's Household Spending y/y data came out better then expectations but Retail Sales y/y data came out weak. Support is seen at around 76.27 levels while resistance is seen at 78.10 levels (55 days daily 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.
AUD/USD: Australian dollar is currently trading at 1.0619 levels. The commodity currency is positive amid risk appetite on optimism that global growth will not stall, spurring demand for higher yielding assets. Australia's Building Approvals m/m data came out weaker then expectations. Support is seen at 1.0567 levels (55 days Daily EMA) and resistance is seen at around 1.0692 levels. Exporters are suggested to book exposure at current levels while importers can partially cover their near term exposure at 1.0300 and further on dips. Short term: bearish. Medium term: bearish. Target 1.020 levels again.
Gold: Gold is currently trading at $1794.86 levels. Gold is quite steady after overnight selling as Investors booked some profits amid global equity rallies on optimism that global growth will not stall. Support is seen at 1775.22 levels (21 days daily EMA) while resistance is seen at around 1850.00 levels. Outlook: Medium term Bullish.
Oil: Oil is currently trading at 87.53 levels. Oil rallied as Personal Spending m/m data came out better then expected, indicate fuel demand will increase in the world's biggest crude- consuming nation. Support is seen at 86.31 levels (100 days 4hrly EMA) while resistance is seen at 88.99 levels (200 days 4hrly EMA). Outlook: Short term bearish and medium term bearish. Target 84.00 levels.
Dollar Index: DI is currently trading at 73.64 levels. Dollar is slight weak due to slight risk appetite in the market. Looking ahead Pending Home Sales m/m data is expected. Support is seen at around 73.44 levels and Resistance is seen at 74.11 levels (21 days daily EMA). Outlook remains Slight bullish for Short Term and Medium Term: Bullish Target 76 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.