Forex Technical Update
Euro: Euro continued its upward momentum to touch an intraday high of 1.5847 levels however it was not able to sustain those levels and later on closed at 1.5778 levels. Its Daily chart is in overbought region and its 4-Hourly and Hourly charts show an up move and as long as it stays above 1.5786 levels (21 Hrly EMA) it suggest that Euro is strong and further up move to retest all time high of 1.5902 is expected. Medium term target of 1.50 in 2 months. (Eur/Usd-1.5790).
Pound: Pound surged to the levels of 2.0190 levels but later on gave away most of its gain in the U.S session to close weaker at the levels of 2.0071. Today's main focus will be on Q4 GDP and any further movement in pound will depend on it. A continued sustenance above 2.0046 (55 Hourly EMA) would suggest that pound is strong and a retest of 2.0140 levels (61.8% retracement of the daily chart) can be expected. Its hourly and daily charts are close to overbought region. Medium term target (2 Months) of 1.9500-1.9300 is expected. (Gbp/Usd- 2.0070).
Yen: The USD/JPY pair continued its volatile movement yesterday as it closed weaker at 99.64 levels loosing 161 pips from the day's high of 100.15 levels on the back of weak global equity markets. Its daily and 4 Hourly charts show a dip however its hourly chart is suggesting an up move. Immediate resistance comes in at the levels of 100.73 (55 4- hourly EMA) an up move upto those levels can be expected. Medium term target of 102.00-104.00 in 2 months (Usd/Jpy- 99.80).
Rupee :Rupee opened at 40.18 as against Wednesday's close of 40.14 however due to heavy dollar selling by companies rupee touched an intraday high of 40.08 before closing the day at 40.11. In forwards, the six-month premia closed at 2.09 per cent and the 12-month closed at 1.46 per cent. Start considering shorts above 40.50 for genuine covers long term. (USD/INR - 40.08)
Swiss Franc: Usd/Chf pair was volatile yesterday as it traded between 106 pips, the pair touched an intraday high of 0.9987 levels before ending the day at 0.9940 levels. Its daily chart is in oversold region, and its 4-Hourly and hourly chart show slight selling pressure. The downfall could well be contained around 0.9871 levels (61.8% retracement of the 4- hourly chart). Medium term target - 1.04 by April end. (Usd/Chf- 0.9941) .
Australian Dollar: Australian dollar was very range bound yesterday session as it traded within a range of 86 pips to touched an intraday high of 0.9252 levels before closing the day at 0.9186 levels. Its daily and hourly charts are in overbought region and its 4 hourly chart shows an up move. Immediate resistance is seen at the levels of 0.9270 (61.8% retracement of the daily chart). Look for opportunities to short at those levels. Medium term target 0.8950 in 2 months (Aud/Usd-0.9218).
Gold: Gold closed weaker at $947.15 after touching an intraday high of $954.65. Its 4-Hourly chart shows an up move while it's daily chart is in overbought region. Strong resistance is seen at the levels of $952.50 (100 4-Hourly EMA) breaking which it can test levels of $968 (50% retracement of the daily chart). (Gold: $943.60).
Dollar index: Dollar index gained 0.10 points from the level mentioned yesterday (71.90) and is currently at the levels of 72.00. Immediate resistance is seen at the levels of 72.84 ( 8 Hourly Moving Average). Medium term target 75.00 .
RCPL FOREX
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DISCLAIMER
These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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