EURUSD : The EURUSD 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 1.3640-1.3700 is expected. Selling may not be initiated fresh. Look at higher levels to book exports and short term importers may cover and medium term exp! orters may wait for covers. (EURUSD - 1.3590).Neutral but Oversold.

GBPUSD : The GBPUSD bias remains neutral to bearish in nearest term and we are seeing continuous fall since last 2-3 days due to fundamental forces driving the currency despite resilience in EUR/USD. We may see some upward correction till 1.5390-1.5490 levels where cautious shorts could be initiated. Please note that the weekly and daily charts are oversold and correction seems to be long due. Importers may book covers for short term at 1.51-53 levels. (GBPUSD – 1.5289).Neutral but Oversold.

USDJPY :USDJPY is currently trading at 89.30 levels. Upside correction may happen till 92-93 levels. Importers in Yen may look at covers around these levels (weekly trendline). Overall the trend remains strong for yen below 93 levels. (USDJPY- 89.65). Bullish.

AUDUSD : AUDUSD is currently trading at 0.8880 levels. Correction seems to be over for Australian dollar and up move again resumed. Buying on dips remains the strategy. Further bullishness till 0.9000 levels is expected again. (AUDUSD - 0.8880) Bullish.

Gold : Gold's moved up taking support from $1087 levels and holding above $1100 levels. Buying at dips close to 1080-90 levels remains the strategy. (Gold-$1107). (Rangebound to slightly bearish).

Dollar Index : Dollar index has looks to be in slight correction mode and dips around 79.56 levels ! are possible. Nevertheless, such consolidations should be relatively brief as long as 79.56 cluster supports holds (38.2% retracement of 76.60 to 81.34 at 79.52). Break of 81.34 will bring rally resumption towards 82.63 medium term resistance next. Medium term view remains bullish. Buying on dips on the index remains the strategy. (Dollar Index – 80.60). Bullish above 80 levels.

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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.