EUR/USD: Euro is currently trading at 1.4468 levels. The euro is slightly positive vs. the dollar as U.S. debt negotiations continued in Washington. Support is seen at around 1.4405 levels while resistance is seen at around 1.4500 levels. EUR/INR (64.16): Exporters can cover short term exposure at current levels while importers can cover short term exposure at 62.50 and below. EUR/INR is likely to trade in the range of 63.80-64.32 levels today. Short term: Bearish. Medium term: Bearish. Target 1.3800 levels.
GBP/USD: Sterling is currently trading at 1.6293 levels. Sterling is positive vs. the dollar for some time on the back of uncertainty surrounding the raising of the US debt ceiling even though Prelim GDP q/q data today is expected weak. Support is seen at 1.6259 levels (21 days 4hrly EMA) and resistance is seen at around 1.6384 levels. GBP/INR (72.40): Exporters can cover short term exposure at current levels while the importers can wait to hedge near 71.20 levels. GBP/INR is likely to trade in the range of 72.05-72.68 levels today. Short term: Bearish. Medium term: Bearish. Target - 1.5800 levels.
AUD/USD: The Aussie is currently trading at 1.0897 levels. CB Leading Index m/m data came out weaker than expected this morning Support is seen at 1.0814 levels (21 days 4hrly EMA) and resistance is seen at around 1.1000 levels. Exporters are suggested to book exposure at current levels and above while Importers can partially cover their near term exposure at 1.0700 levels. Short term: bullish. Medium term: bearish. Target 1.0600 levels.
USD/JPY: Yen is currently trading at 78.15 levels. The Yen is positive vs. the dollar as Investors seeking Yen on the back of uncertainty surrounding the raising of the US debt ceiling. Japan's CSPI y/y data came out better than expected this morning. Support is seen at 77.86 levels while resistance is seen at 78.48 levels (21 days 4hrly EMA). Yen Exporters are suggested to book exposure at current levels and Importers can cover above 80.00 levels. Outlook: Short term to medium term: Maintain bearish for the pair. Target 78 levels.
Oil: Oil is currently trading at 99.40 levels. Support is seen at 98.90 levels (21 days 4hrly EMA) while resistance is seen at 100 levels. Outlook: Short term bullish and medium term bearish
Gold: Gold is currently trading at 1613.17 levels. Gold is positive and steady as U.S. lawmakers remained deadlocked on how to avert the country's debt crisis before an Aug. 2 deadline. Support is seen at 1605.67 (21 days 4 hrly EMA) levels while resistance is seen at 1622.60 levels. Outlook: Medium term Bullish target 1650.
Dollar Index: DI is currently trading at 74.11 levels. Dollar is steady against the majors as Investors are closely monitoring the US lawmakers negotiations in Washington as they struggle to reach an agreement to raise the US debt limit before the 2nd August deadline. Looking ahead CB Consumer Confidence data is expected weak and New Home Sales data is expected better. Support is seen at around 73.86 levels and Resistance is seen at 74.77 levels (21 days daily EMA). Outlook remains range bound for Short Term and Medium Term: Bullish Target 77 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.