Technical Outlook:

EUR/USD: Euro is currently trading at 1.4326 levels. Support is seen at 1.4220 levels (21 days weekly EMA) while resistance is seen at around 1.4400 levels (Trend line resistance). EUR/INR (64.39): Exporters can cover short term exposure at current levels while importers can cover short term exposure at 63.70 and below. EUR/INR is likely to trade in the range of 63.70-64.50 levels today. Short term: Bearish. Medium term: Bearish. Target 1.3800 levels.

GBP/USD: The Pound is currently trading at 1.6385. GBP should get weak due to continuous risk aversion.Support is seen at 1.6297 levels (21 days daily EMA) and resistance is seen at 1.6506 levels (200 days EMA in weekly). GBP/INR (73.80) Exporters can cover short term exposure at current levels while the importers can cover on dips towards 72.00 levels. GBP/INR is likely to trade in the range of 72.95 - 73.80 levels today. Short term: Bearish. Medium term: Bearish. Target - 1.5800 levels

USD/JPY: Yen is currently trading at 78.06 levels. Investors are buying yen to safeguard their wealth from sovereign debt concerns in Europe and the U.S. However, Japans Finance Ministry official said that the government is ready to sell yen again if the currency appreciates strongly which can harm the Japan's export driven economy. Support is seen at around 77.11 levels while resistance is seen at 79.34 levels (55 days daily EMA). Yen Exporters are suggested to book exposure at around 76-77 levels and Importers can cover above 79.00 levels. Outlook: Short term to medium term: Maintain bearish for the pair. Target 76 levels again.

AUD/USD: The commodity currency is currently trading at 1.0378levels. Australian Dollar is trading weak on account of weak Australian bourses and commodities. AUD being a commodity currency tracks movement in commodities naturally. There can be another late sell-off of the Australian dollar towards the end of the trading day on account of risk aversion. Near term Support is seen at around 1.0211 levels and resistance is seen at 1.0523 levels (21 days Weekly EMA). Exporters are suggested to book exposure near 1.0500 while Importers can partially cover their near term exposure at current levels and further on dips. Short term: bearish. Medium term: bearish.

Oil: Oil is currently trading at 83.61 levels. Oil plunged after Standard & Poor's lowered the U.S. credit rating from the highest level, stoking concern that an economic slowdown in the world's biggest crude consumer will worsen and cut fuel demand. Support is seen at 82.81 levels (200 days weekly EMA) while resistance is seen at 87.20 levels (100 days Weekly EMA). Outlook: Short term bearish and medium term bearish.

Gold: Gold is currently trading at an all time high of 1698.89 levels. Gold surged to a record after Standard & Poor's cut the U.S.'s top credit rating for the first time, fueling a slump in equities and the dollar amid increasing concern that the global economy is slowing. Support is seen at around 1669.63 levels while resistance is seen at around 1700 levels. Outlook: Medium term Bullish. Target 1675 achieved.

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.