The EURUSD is currently trading at 1.3350 levels. The immediate term view remains that Euro enters a correction mode. We do not see immediate bearishness below 1.3260 levels. Sell on upticks remains the strategy from 1.3650 - 1.3700 levels for exporters. Importers can cover 50% atleast for 2 months. Only a break of 1.3260 would push to 1.30. Please note that the Monthly charts are signalling that Euro is highly oversold and may strengthen after making a low of 1.30-1.33 levels in the coming 2-3 months.(EURUSD - 1.3350). Medium term( 3-6 months) - Turning Bullish
GBPUSD is currently trading at 1.5276 levels after making a high at 1.5305 levels. The immediate term move on Sterling shows it is entering a correction mode. We might get retracements above 1.55-57 levels. Look at opportunities to go shorts on upmoves or cover exports till April end around 1.54-1.57 levels. GBP/INR cover exports at 69 levels onwards. Cover near term imports around 67-68 levels.(GBPUSD 1.5220). Bearish below 1.5800 levels. Please note that the Monthly charts are signalling that GBP is highly oversold and may strengthen after making a low of 1.48-1.50 levels in the coming 2-3 months. (EURUSD - 1.5276). Medium term (3-6 months)- Turning Bullish.
USDJPY is currently trading 93.20 levels. The yen is moving as per our expectation and moving towards 98 levels. Weekly close above 92 levels has increased chances for a move towards a 96-98 levels. Importers hold for covers till 95 levels atleast. Buys could be initiated at dips levels stoploss at 89 levels. Exporters who have not booked book for 2-3 months at 93 levels. (USDJPY- 93.20). Bearish heading towards a 96-98 levels by April end. Long Term (3-6 months) Target 100 and higher.
AUDUSD is currently trading at 0.9276 levels. It is almost holding in a range of 0.9000-9300 levels. Importers cover on dips. Exporters in Aud may start booking from 0.9300 onwards partially. Since the Aud has increased interest rates and Gold is holding above 1135 dollars we would stay away from shorts. (AUDUSD - 0.9276).
Gold is currently trading at $1152 levels and the bias is clearly on the upside since it has broken the band of 1080-1130 levels.Buy on dips remains strategy.(Gold- $1152) Bullish.
Dollar Index would possibly spiral down to 79.51 and below, as dollar would be pressured by more strength in crude oil. Nevertheless, as the impulsive nature of the rise from 74.19 affirmed our view that dollar index has bottomed at 74.19 already, we'd expect current pull back from 82.24 to be contained by 50% retracement of 74.19 to 82.24 at 78.21 and bring another medium term rally. . (Dollar Index - 81.52). Neutral.