USDINR : The rupee has decisively broken the range of 46.00-46.60 levels maintained since a long time and would confirm bullishness in Rupee if we get a closing below 45.80 for 2-3 days. The bias remains bullish until 46.60 is held. Importers may take covers for the short term near 45.60-45.80 levels and exporters may start booking at every dip in USDINR above 46 levels.(USDINR 45.79) INR bullish below 46.60 levels.

EURUSD : The EURUSD bias remains neutral in nearest term and the bearish scenario remains intact. Immediate resistance comes near 1.3750 (61.8% retracement levels with 200 days Weekly EMA). Initiate cautious shorts near these levels with tight stoploss of 1.3840 levels. (EURUSD - 1.3678).Neutral but Oversold.

GBPUSD : GBPUSD is currently trading at 1.5070 levels and touched high of 1.5133 yesterday. Immediate strong resistance comes near 1.5400 levels (21 days Daily Ema). Below 1.5400 pressure should remain downside. (GB! PUSD 1.5074). Neutral but Oversold.

USDJPY : USDJPY is currently trading at 88.40 levels. Downside correction is expected till 87.50 levels. Importers in Yen may look at covers around these levels. Overall the trend remains strong for yen below 93 levels. (USDJPY- 88.40). Bullish

AUDUSD : AUDUSD is currently trading at 0.9013 levels. Correction seems to be over for Australian dollar. Buying on dips remains the strategy. Further bullishness till 0.9250 levels is expected again. (AUDUSD - 0.9013) Bullish.

GOLD : Gold moved up taking support from $1087 levels and holding above $1100 levels. It touched the high of $1145 yesterday. Buying at dips close to $1100-10 levels remains the strategy. (Gold-$1136). (Rangebound to slight bearish)

Dollar Index : Dollar index 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% retraceme! nt of 76 .60 to 81.34 at 79.52). Break of 81.40 will bring rally resumption towards 82.65 medium term resistance next. Medium term view remains bullish. Buying on dips on the index remains the strategy. (Dollar Index – 80.04). 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.