Rupee: Rupee opened lower at 47.70 taking cues of dollar strength across the board. Stiff Resistance for Rupee comes around 47.95 (38.2% Retracement of the recent fall) and then at 48.32 (50% Retracement). Rupee is expected to remain slightly on a weaker note due to dollar strength overseas and poor performance of stock markets. Outlook remains weak till 48.35 levels. (USD/INR : 47.82). Short term bearish & Medium Term Bullish.
Euro: Euro plunged below 1.38 levels (1.38 is an important support and the neckline of the amazing head and shoulder pattern). Breaking of 1.38 on a closing basis would push the pair to 1.3450. Daily trendlines have been consistently broken. (Eur/Usd:1.3800). Medium term Bearish.
Sterling: Cable made a kind of double top formation at 1.66 levels and receded close to 300 pips on Friday. It has maintained its falling spree with the spot at 1.6250. The confirmation of the double top pattern would happen with the break of 1.6100 levels on a closing basis. Strategy remains to short at swings for target 1.6150. Breaking of 1.61 would be very bearish for the pair. (Gbp/Usd: 1.6250). Short term Bearish
Yen: Dollar-Yen pair is trading sideways confined between the cluster support of 94 levels and resistance of 99.55. We should not initiate positions until this wide range breaks on either side. (USD/JPY : 96.52) Neutral
Austrlian Dollar :Aussie is also correcting due to fall in commodity prices across. Only and Only if the pair sAAtays below .7650 we could say the bearish trend has started for AUD. (Aud/Usd: 0.7906). Short term bearish
Gold: Gold is clearly bearish since its holding below its daily trend at $960. We can look at accumulating short positions at $ 935 till $957 for targets below $900. Gold- $931.40). Bearish
Dollar Index: DX bounced back from 79 levels (as expected) and is currently trading above 80-mark. The chart is turning bullish since the downtrend line has been broken and market is holding above 80 levels. Till we see the levels above 80 the index holds bullish. (DI- 81.00) Short term Bullish