EURUSD : The bias remains neutral in nearest term and the major bearish scenario remains intact. The hourly to daily charts are highly oversold hence in correction mode and retracements towards 1.3800-1.3900 is expected. Selling may not be initiated fresh. Look at higher levels to book exports and long term importers wait for covers. (EURUSD - 1.3634).Upside Correction Mode.

Sterling : The GBPUSD bias remains neutral in nearest term and we may see an upward correction to maintain till 1.5800 levels. Please note that the weekly and daily charts are oversold and correction seems to be long due. Only a sustained break of 1.5800 would negate the bearish scenario. Strong support holds around 1.5350 levels. Exporters cover around 1.58 -1.60 levels for medium term and importers hold for covers. (GBPUSD – 1.5530). Upside Correction mode.

Yen : USDJPY is currently trading at 91.04 levels momentum is building on the upside. Upside correction is expected near 93 levels. Importers in Yen may look at covers around these levels (weekly trendline). (USDJPY- 91.06). Signs of bearishness developing.

Aud : AUDUSD is currently trading at 0.9007 levels. Correction seems to be over for Australian dollar and up move again resumed. Buying on dips remains the strategy. Further bullishness till 0.9250 levels is expected. (AUDUSD - 0.9007) Bullishness.

Gold : Since gold has been moving up constantly and holding above $1090 levels. It is bullish in medium term again. Buying at $1103- $1111 is recommended for $1150 target with strict stops around $1080 levels. (Gold-$1115) Bullish

Dollar Index: Dollar index has looks to be in slight correction mode and dips below 80 levels are possible. Medium term view remains bullish. (Dollar Index – 80.45). Bullish above 80 levels

India Forex
http://www.indiaforex.in

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.