Forex Technical Update
Euro : EurUsd is currently trading at 1.4360 levels. Upside correction is expected till 1.4420 levels from where shorts can be initiated. Immediate support comes around 1.4260 levels. Bias still remains bearish and shorts close to 1.4400-1.4480 levels can be considered for the target of 120 pips and lower. Break below 1.4250 levels should keep the bearish scenario intact testing 1.4120 - 1.4150 levels. (EURUSD - 1.4360) Bearish.
Sterling : GbpUsd is currently trading at 1.6060 levels. Yesterday it made a bottom of 1.5830 level and closed at 1.6050 levels. Upside correction is expected near 1.6150 - 1.6200 levels (200 days Daily EMA and 38.2% retracement) where shorts can be initiated for the target of 150 -200 pips keeping stoploss above 1.6250 level. Immediate support comes around 1.5980 levels . Short term bias still remains bearish till 1.5700 levels until 1.6220 level is held.(GBPUSD 1.6060) Bearish.
Yen : The JPY is currently trading in a rising channel pattern. Immediate resistance comes around 93.10 levels which if broken then could test next resistance level near 94.20 levels where shorts can be initiated for the target of 90 levels. Bias for USDJPY pair remains strong above 88.40 levels. (USDJPY- 92.36) Neutral.
Aud : AUDUSD is consistently trading below 55days Daily EMA and is having an immediate resistance near 0.9000 levels.Our expectation of Aud below 0.9000 levels should continue the bearish momentum targeting 0.8650 levels.Initiate shorts near 0.9000 levels for the target of 150pips. Stochastic is in overbought region. (AUDUSD - 0.8964) Bearish.
Gold : GOLD is currently trading at $1098 levels. It is likely to retrace till $1110.00 -$1120 levels (55 EMA). Initiate shorts near these levels for the target of 40 - 50 dollar. Immediate support comes around $1080 levels where cautious buying can be considered. (GOLD - $1098.35) Neutral
Dollar Index: Dollar Index is currently trading at 77.80 levels and consistantly trading above 55 days EMA. We're remaining bullish on the dollar index as long as 76.80 resistance turned support is held. Further rise is expected to be seen near 80 levels (DI - 77.78) 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.
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