Forex Technical Update

Rupee : Staying below 48.00 Levels from last 2 sessions we think the rupee will correct till 48.20 (Resistance of broken trendline) level. A break of 48.20 on the upside, rupee will further depreciate till its first resistance 48.40 and secondly near 48.60. Short term Bearish.(USD/INR : 48.05)

Euro : Yesterday again Euro has taken the trendline support of 1.3930 and maintains its range of 1.3900 and 1.4150. Breaking below 1.3900 would negate the bullish trend of euro again. Stay bearish below 1.3900. (Eur/Usd:1.3990) Neutral

Sterling : Cable still stuck in a range since last 17 sessions. Break of 1.6350 would be the first confirmation of the bear trend and it can correct till its channel support and last 17 sessions low near 1.6180 level .View turns bullish only if 1.6660 breaks and holds above it. (Gbp/Usd: 1.6400) Range Bound

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 : 95.98) Range bound.

Aud : Remains bearish overall below 0.8050. 2 closings above 0.8100 would negate the view. Corrections in commodity prices is still expected across. Bearish (Aud/Usd: 0.7970).

Gold :Gold was unable to hold above its trendline resistance of 943 dollars. Still holding bearishness below 943 (Gold- $933.00). Neutral to Bearish.

Dollar Index : Dollar index extends the rebound from 79.56 and is set to take on 80.94. We're anticipating a break of 80.94 resistance to signal resumption of rise from 78.33, to be confirmed by break of 81.36/47 resistance zone. Further rally should be seen to next key resistance at 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64). in such case. (DI- 80.22) Slight Bullish to Neutral.

India 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.