Technical Outlook:

EUR/USD: Euro is currently trading at 1.4232 levels. Euro is under selling pressure amid strong risk aversion in the market and continuing debt crisis in Euro zone. Support is seen at around 1.4174 levels while resistance is seen at around 1.4285 levels (21 days daily  EMA). EUR/INR (64.42): Exporters can cover short term exposure at current levels while importers can cover short term exposure at 63.90 and below. EUR/INR is likely to trade in the range of 63.90-64.65 levels today. Short term: Bearish. Medium term: Bearish. Target 1.3800 levels.

GBP/USD: The Pound is currently trading at 1.6326. GBP is weak against dollar amid global risk aversion. The social unrest in London in the form of riots has also to some extent got reflected in GBP. Support is seen at 1.6291 levels (21 days daily EMA) and resistance is seen at around 1.6451 levels. GBP/INR (74.04) Exporters can cover short term exposure at current levels while the importers can cover on dips towards 73.10 levels. GBP/INR is likely to trade in the range of 73.75 - 74.20 levels today. Short term: Bearish. Medium term: Bearish. Target - 1.5800 levels

USD/JPY: Yen is currently trading at 77.12 levels. Yen is bullish against the US dollar as Investors are buying yen to safeguard their wealth from sovereign debt concerns in Europe and the U.S. Support is seen at around 76.85 levels while resistance is seen at 78.33 levels (55 days daily EMA). Yen Exporters are suggested to book exposure at around 76 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 dives below parity before hovering above it and is now currently trading at 1.0008 levels. The commodity currency collapsed head over heels vs. the dollar and dived below parity for the first time in last five months as prices of stocks and commodities tumbled around the globe amid concern of fiscal crisis in the U.S. and Europe will slow down global growth. Near term Support is seen at around 1.0000 levels and resistance is seen at 1.0423 levels (21 days 4hrly 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 77.40 levels. Oil plunged drastically as Investors are selling risky assets heavily all over the globe amid global weakness. Support is seen at around 75.61 levels while resistance is seen at around 83.36 levels. Outlook: Short term bearish and medium term bearish.

Gold: Gold is currently trading at an all time high of 1751.37 levels. Gold surged again to a record high as investors continue to  flee to the safety of yellow metal amid global weakness and heavy selling in commodities. Support is seen at around 1730 levels while resistance is seen at around 1775 levels. Outlook: Medium term Bullish. 

Dollar Index: DI is currently trading at 74.84 levels. Dollar is bullish as strong risk aversion is witnessed in the global market leading  to correction in riskier assets and stock markets on the back of global weakness and recent downgrade of US by S&P. Support is seen at 74.55 levels (21 days daily EMA) and Resistance is seen at 75.22 levels (100 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.