STOCKS
Dow (24329.16, +0.49%) has room on the upside towards 24600-24800 levels. Near to medium term support is visible at 24000 which is likely to hold in the coming sessions.
Dax (13153.70, +0.83%) attempted to break on the upside after some sideways consolidation in the 13200-12900 region. While the index remains above 13000-13100, there could be some scope of testing higher levels near 13400. Else a fall back to levels near 12900 could be possible.
Nikkei (22821.20, +0.04%) has again attempted to test 23000-23200 resistance zone from where a fall back to 22800-22600 is likely this week.
Shanghai (3303.98, +0.43%) seems to have bounced from support near 3260 on the daily candles and while the support holds, a rise towards 3320-3340 again is possible in the coming sessions.
Nifty (10265.65, +0.97%) and Sensex (33250.30, +0.91%) had bounced back last week from support levels as expected. Nifty could see some pause in the 10300-10350 region while Sensex may test interim resistance near 33300. If a pause is not seen just now, Sensex could be headed towards 33500 or higher. Nifty will have to break important resistance at 10350 to turn bullish for the longer term.
COMMODITIES
Gold (1248.60) continues to move down. But note our earlier mentioned support near 1240 has not breached yet and while that holds, some chances of a bounce back from here is likely. Else 1200 could be the next target on the downside. Watch Dollar Index (93.82) which has important resistance near 94. If that holds and produces a sharp rejection, Gold may bounce back from 1240 and not move to further downside in the near term.
Brent (63.10) has resistance at 64, just above current levels and while that holds, a temporary short term fall towards 62-61 levels is possible in the near term.
WTI (57.08) could trade within 56-59 region in the coming sessions while the upward channel on the 3-day candle holds well. Break above crucial resistance at 59 is required to turn bullish for the longer term but that may take at least a couple of more attempts to break above 59.
Copper (2.9775) has been trading along the support near 2.95 for the last 3-4 sessions. While support near 2.95 holds, there could be scope of rising towards 3.00-3.05 in the near term. Near term looks bullish.
FOREX
Dollar-Index (93.858) looks like it could test resistance around 94.00 on 3 day & daily line charts in the next couple of sessions, as we have been expecting since last week, or else, it could see a corrective dip from current levels itself. In case it goes past 94, it could tend towards 94.4-94.5 on the daily candles.
Euro (1.1777) reached a low of 1.173 on Friday, thereby testing support on the 3 day candles (earlier mentioned as 1.175-1.176). It is currently trading at higher levels (around 1.177), which might indicate towards a possible bounce taking place. However, further bearishness would take it lower to test support near 1.17 on the daily candles.
Dollar-Yen (113.54) is currently testing resistance, as earlier mentioned, at 113.5-113.6 on the daily line chart and could now either see a dip or a further rise towards resistance at 114 on the 3 day and weekly charts. This could correspond to Dollar Index moving towards 94.5 and Euro moving towards 1.17.
Pound (1.3399), contrary to our expectations, has again made a move back towards support at 1.335 instead of going up towards resistance near 1.355 on the daily candles. In case this support breaks, we could see pound move further down towards new support at 1.32-1.322 on the daily candles.
Dollar Rupee (64.45) dipped after reaching 64.58 on Friday and could now be expected to test 64.30/40 in the next couple of sessions.
INTEREST RATES
The US yields are all trading higher. The 5Yr (2.15%), the 10YR (2.38%) and the 30Yr (2.77%) are higher by 1bps. The 10Yr may face some rejection near 2.40% in the next few sessions while the 5YR is likely to trade sideways and the 30YR may take a pause near 2.80%.
The Japan-US 10Y (2.33%) has been trading in a narrow region along the resistance on the short term charts. Looking at the medium term charts, there could be some room on the upside in the longer run.
The German-US 10YR (-2.07%) may test -2.10% and then see a short bounce from there in the near term.
