Technical Comments :
Rupee: Rupee tested 47.60 levels as suggested yesterday towards the close of yesterday's session. Today's movement is expected to be range-bound although the upticks during the day can be considered as opportunities to sell. Overall outlook remains strong for Rupee in the medium term below 48.35. (USD/INR : 47.48). Medium Term Bullish.
Euro: Euro once again took the channel trendline support at 1.3940 (as expected) and surged 235 pips. The charts are indicating correction and a retracement upto 1.40 could be seen. Initiating longs at 1.40 cluster support could be considered. (Eur/Usd:1.4080). Bullish above 1.3750.
Cable: Cable remained strong against the greenback moving almost 300 pips higher to 1.6621 levels. The 4-hourly and daily charts are reaching overbought region with immediate resistance at 1.6660 (previous high). Retracement is probable from those levels, however, with the trend remaining strong, avoid initiating short positions. Wait for a deeper pull back to buy. Consider buying around 1.6240 for 100 -150 pips. (Gbp/Usd: 1.6550). Short term Bullish
Yen: Dollar-Yen pair traded sideways (as expected) yesterday holding above the cluster support of 97 levels. The 4-hourly chart is indicating slight upside heading towards the 99.50 resistance (55 weekly EMA & horizontal resistance). Decisive break of this level can take the pair higher to 102 levels. (Usd-Jpy - 97.93) Bullish
Australian Dollar :Aussie strengthened reaching the highs of 0.8175 in the early trade today. Immediate resistance comes at 0.8261 (previous high – double top) with the 4-hourly charts reaching the overbought region. Correction is probable from those levels, thus initiate longs at 0.8070 levels (21 hourly EMA) for 100 pips. (Aud/Usd: 0.8152). Bullish
Gold:Gold tanked close to $20 and took support around $942 (38.2% Retracement of the recent rally). Below $945, the next support comes at $931 (long term trend-line & 55 Daily EMA) where going long can be considered. The charts may correct slightly, however overall bias remains bullish for Gold. (Gold- $956.40). Bullish
Dollar Index :DX closed weaker yesterday as the major currencies shot up against the dollar. The chart is neutral with immediate minor support around 79.10 levels which could be tested before a pull-back. On the upside 38.2% Retracement resistance comes around 82.46 which could be held. (DI- 79.75) Overall Bearish.