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.
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.
Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Closing just below the 'neckline' of a potential 'head-and-shoulders' formation and below the moving averages. Nevertheless we still feel that an interim will low will form this week or next somewhere between 1.3800 and 1.3600 retracement support because we are mapping out an A, B, C-type correction. Strategy: Possibly attempt small longs at 1.3825; stop well below 1.3740. Short term target 1.4050.
Direction of Trade: →↗Chart Levels:
Support Resistance
1.3800 " 1.3852
1.3748 1.39
1.3727 1.3975
1.3600* 1.402
1.3555 1.405
GBPUSD
Comment: Doing better than many currencies, consolidating under a potential 'double top', clinging to the 9-day moving average. We shall allow for more consolidation under 1.6600 this week, but expect a new interim base to form around the 1.6000 area (1.5800 would be ideal). Strategy: Possibly attempt small longs at 1.6290; stop well below 1.6200. First target 1.6430.Direction of Trade: →↗Chart Levels:
Support Resistance
1.6210* " 1.6435
1.612 1.6475
1.6 1.66
1.594 1.6622
1.5800* 1.6664
USDJPY
Comment: Plunging below a thin Ichimoku 'cloud' and below moving averages. Yen crosses are also dropping sharply which might increase downside momentum here. Allow for a possibly dramatic spike to 95.65. Strategy: Possibly attempt small shorts at 96.25 but only if prepared to add to 97.50; stop above 98.65. First target 96.00, maybe 95.65.Direction of Trade: →Chart Levels:
Support Resistance
96.18 " 96.78
96 97
95.65* 97.24
95.33 97.7
94.44 98.1
Daily Forex Technicals | Written by FXtechtrade
DOW JONES INDEX
Today's support: -8550.08, 8522.40 and 8502.00(main), where a delay and correction may happen. Break of the latter will give 8495.80, where correction also can be. Then follows 8463.00. Be there a strong impulse, we would see 8426.22. Continuation will bring 8392.44. Today's resistance: - 8645.40 and 8686.42(main), where a delay and correction may happen. Break would bring 8732.80, where a correction may happen. Then follows 8775.00, where a delay and correction could also be. Be there a strong impulse, we'd see 8814.63. Continuation would bring 8834.25 and 8842.00.
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