Rupee: Rupee ended at 47.75/77 per dollar yesterday, rebounding from 47.26 lows and taking the three day gains to 4.3%. A close watch on the stock market is being kept for direction. However, upside resistance comes around 48.60 levels. Exporters can start booking near term contracts at upticks. (USD/INR : 47.73).
Gold: Gold took support around $917 witnessing sideways trading yesterday before closing at $924. The daily and 4-hourly chart is indicating slight selling pressure with support from 21 Day EMA coming in at $912. Buying around those levels could be considered for $10-$12. The outlook remains bullish for Gold above $895 (100 Daily EMA). (Gold- 927.62)
Dollar Index: Dollar Index strongly weakened to 82.20 (minor support) levels as expected. The stochastic is highly oversold and a small rebound is probable. The overall outlook remains bearish for DX below 83.20 levels and a break of 82.20 support can bring a fall upto 80.20 support (refer chart in the website) (DI- 82.20)
Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Capped almost too neatly below the increasingly important resistance around 1.3700. Note that above here there are no really strong resistance levels until the 1.4200 area. Perhaps the rising 9-day moving average might help push it up through here, dragged higher by other currencies which are leading this move.Strategy: Buy at 1.3590, adding to 1.3465; stop below 1.3400. Short term target 1.3700, then a lot more.Direction of Trade: →↗Chart Levels:
Support Resistance
1.3585 " 1.3652/1.3678
1.3531 1.37
1.3461 1.3722/1.3739**
1.3422/1.3400* 1.38
1.33 1.385
GBPUSD
Comment: Gathering upside pressure despite political sleaze. Momentum has yet to turn decidedly bullish as we unwind the record downside pressure built between October and November. Strategy: Buy at 1.5455, adding to 1.5250; stop below 1.5050. Add to longs on a sustained break above 1.5535 for 1.5700 short term and then 1.5800/1.5885.Direction of Trade: →↗Chart Levels:
Support Resistance
1.5425 " 1.55
1.534 1.5535*
1.529 1.56
1.5235 1.5725
1.5100* 1.5885
USDJPY
Comment: Dropping neatly from the first Fibonacci and what is now trendline resistance. It is possible that we have already formed an interim high and we have already started the descent to re-test the bottom of the 'cloud' which might hold on a first attempt but then we favour a break lower still. Strategy: Sell 95.55, adding to 96.00; stop well above 96.75. First target 94.50, then 93.55.Direction of Trade: →
Chart Levels:
Support Resistance
95.48 " 95.8
95 96.22
94.73 96.71*
94.55* 97.25
93.55* 97.85*
Daily Forex Technicals | Written by FXtechtrade
DOW JONES INDEX
Today's support: - 8454.37, 8423.23 and 8392.50(main), where a delay and correction may happen. Break of the latter will give 8364.37, where correction also can be. Then follows 8330.60. Be there a strong impulse, we would see 8302.40. Continuation will bring 8274.37.
Today's resistance: - 8528.40, 8561.22 and 8606.30(main), where a delay and correction may happen. Break would bring 8641.40, where a correction may happen. Then follows 8656.47, where a delay and correction could also be. Be there a strong impulse, we'd see 8685.00. Continuation would bring 8707.50.
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