USDINR : The rupee has been trading strong post the strong release of Budget-2010. The inflows in local market may continue to boost the rupee. However, currently it is trading at the support zone of 45.50 levels which if held can take the rupee back to 46 levels again. Importers may take covers for the short term around these levels and exporters book near 46 levels and above. (USDINR 45.49) INR bullish.

EURUSD : The EURUSD bias remains neutral in nearest term and the bearish scenario remains intact. Immediate resistance comes between 1.3750 – 1.3800 (61.8% retracement levels with 200 days Weekly EMA). Initiate cautious shorts near these levels with tight stoploss of 1.3840 levels. (EURUSD - 1.3683). Neutral but Oversold

GBPUSD : GBPUSD is currently trading at 1.5174 levels and touched high of 1.5186 today. Immediate strong resistance comes near 1.5350 levels (21 days Daily Ema). Below 1.5350 pressures should remain downside. (GBPUSD 1.5174). Neutral but Oversold.

USDJPY : USDJPY is currently trading at 90.45 levels. Immediate support comes near 90.16 levels (55 days and 50% retracement). Importers in Yen may look at covers on dips. Overall the trend remains strong for yen below 93 levels. (USDJPY- 90.45). Bullish

AUDUSD : AUDUSD is currently trading at 0.9103 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 - 0.9103) Bullish.

GOLD : Gold is currently trading at $1134 levels. Gold moved up taking support from $1087 levels and holding above $1100 levels. Buying at dips close to $1100-10 levels remains the strategy. (Gold-$1134). Rangebound.

Dollar Index : Dollar Index is currently trading at 80.17 levels. Only and only if dollar index continuously trades above 80 levels then could see further upside corrections till 82 levels. Buying on dips on the index remains the strategy. (Dollar Index – 80.17). 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.