EURUSD
Comment: Holding well above a large Ichimoku 'cloud' with moving averages decidedly bullish. If the lagging Span manages to hold above the top of the 'triangle' bullish momentum should increase even further for a test of this year's high at 1.4339. Implied volatility should pick up next where traders and investors should note that current consensus opinion is that the US dollar should strengthen over the coming 12 months.Strategy: Buy at 1.4275, adding to 1.4200; stop below 1.4100. Short term target 1.4300/1.4339, a lot more on a sustained break above 1.4375.
Direction of Trade: → ↗Chart Levels:
Support Resistance
1.4240 " 1.43
1.42 1.4339*
1.4165 1.4365*
1.4118* 1.443
1.4095 1.453
GBPUSD
Comment: Cable is inching fractionally higher and bullish momentum should increase if the Lagging Span manages to hold above the upper edge of the 'triangle' formation. The pound is not overbought and several other currencies look similar.Strategy: Attempt small longs at 1.6550, adding to 1.6450; stop well below 1.6300. First target 1.6600/1.6650 and then this year's high at 1.6745. More later this year.Direction of Trade: →↗Chart Levels:
Support Resistance
1.6490 " 1.656
1.6457 1.6587
1.6382 1.6625
1.63 1.6664
1.6187 1.6745
USDJPY
Comment: Stalling against Fibonacci retracement but few clear signs of topping yet. Some stops were triggered on yesterday's blip above last week's high at 95.30. Open interest in the futures market continues to decline and is running at the lowest since 2003.Strategy: Attempt small shorts at 95.15; stop well above 95.40. Add to shorts on a sustained break below 94.40 for 93.25Direction of Trade: →Chart Levels:
Support Resistance
94.59/94.40 " 95.39*
94 95.5
93.85 95.67
93.5 96
93.00* 96.25*
Daily Forex Technicals |
Rupee :Rupee seem to be moving in range-bound fashion for 3-4 days . It needs to break 48.60 to get a confirmation of the uptrend resuming again. Its likely to hover in a range of 48.20-48.40 today. Its important that it should get support from dollar bearishness from overseas pairs and Dollar Index. Please note that there are stiff resistances in BSE and NSE and the current valuations. Mildly Bullish.(USD/INR : 48.25)
Euro :Euro still in the range and unable to break 1.4150 support or 1.43 resistance . Break of either side would determine direction of Euro for the next few days.(Eur/Usd:1.4256) Neutral
Cable : Cable is also stuck in the range of 1.65 to 1.6380 for the last few days. Technically only a break of 1.6550 would again turn the view bullish.(GBP/USD 1.6502) Neutral
Yen : Yen needs to move above 95.27 (55 day EMA) and 95.74 (100 Day EMA) to maintain risk appetite in the market. (USD/JPY 95.09) Slightly Bullish
Aud:Aud has stayed above .8200 for the last few sessions with continuous rise in Commodity prices and precious metals. It has already moved to this year highs. Only a break of .7950 would trigger bearishness in the pair. (AUD/USD -0.8275) Bullish but Overbought.
Gold :Gold is hovering around $ 950 favouring bullishness in the commodity. We prefer no buys for the time being since we still feel its in a consolidation phase and a fall cannot be ruled out. Fresh round of buying would accelarate only once the pair breaks 860 dollars on closing basis.Break of 945 dollars in Gold would make the short term outlook bearish.(Gold- $953.80). Bullish
Dollar Index :Dollar index is still a range bound with slight downward pressure . We strongly feel that a constant hold below 79.35 support will only turn the outlook short term bearish till 77.70 levels. (Dollar Index - 78.62) Slightly Bearish
Daily Forex Technicals |
DOW JONES INDEX
Today's support: - 9033.72 and 9005.63(main), where a delay and correction may happen. Break of the latter will give 8988.76, where correction also can be. Then follows 8957.62. Be there a strong impulse, we would see 8912.70. Continuation will bring 8881.87.Today's resistance: - 9113.90 and 9150.00(main), where a delay and correction may happen. Break would bring 9177.37, where a correction may happen. Then follows 9191.26, where a delay and correction could also be. Be there a strong impulse, we'd see 9219.37. Continuation would bring 9246.50 and 9264.37.
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