Forex Technical Update

EURUSD : Euro is currently trading at 1.3701 levels. Upside correction is expected till 1.3750. Do not initiate longs until we see 2 higher consequtive closings. Initiate shorts near 1.3750 levels with stoploss above 1.3800. Range for the day could be 1.3750 to 1.3480. (EURUSD - 1.3701) Bearish

Sterling : GBPUSD is currently trading at 1.5620 levels. Upside correction is expected between 1.5650 - 1.5700 where shorts can be initiate with stoploss above 1.5780 levels. Range for the day could be 1.5500 -1.5700 levels.(GBPUSD – 1.5620) Bearish.

Yen : The JPY is holding strong and expected to be stronger targeting 88.40 levels and even lower due to increased risk aversion. Only a break of 93.00 levels would change the bias of the Yen. (USDJPY- 89.39) Bullish.

Aud : AUDUSD is currently trading at 0.8695 levels. Staying below .8800 continously could only move the pair to .8450 levels. (AUDUSD - 0.8695) Neutral.

Gold : Gold tested the highs of $1074.3 levels (near our target of $1075 levels) from where it was pushed down to $1066 levels. Sideways trading is expected in gold due to some gains expected to be seen in other currencies. Resistance of $1070- $1075 levels looks good where selling can be expected for near term gains. (Gold-$1068) Neutral.

Dollar Index: Dollar index is consistently holding above 80 levels and some consolidation is expected around these levels until $80.68 levels are held on higher side. Euro which constitutes the maximum chunk of DI tested the lows of 1.3584 levels on Friday evening, however has corrected till 1.3700 levels. Overall dollar looks to be strong in short-term.(DI -80.17). Short-term Bullish

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.