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 45.53) INR bullish.

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 - 1.3612).Neutral but Oversold.

GBPUSD : GBPUSD is currently trading at 1.5018 levels and touched high of 1.5195 yesterday. Immediate strong resistance comes near 1.5250 - 1.5280 levels (21 days Daily Ema). Initiate shorts near these resistance levels with stoploss of 1.5340. (GBPUSD 1.5018). Neutral.

USDJPY : USDJPY is currently trading at 90.02 levels. Downside correction is expected till 89.40 levels. Importers in Yen may look at covers around 90.40 – 91.40. Overall the trend remains strong for yen below 93 levels. (USDJPY- 90.02). Bullish.

AUDUSD : AUDUSD is currently trading at 0.9090 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 - 0.9003) Bullish.

Gold : Gold moved up taking support from $1087 levels and holding above $1100 levels. Buying at dips close to $1100 levels remains the strategy. (Gold- $1120). (Rangebound).

Dollar Index : Dollar Index is currently trading at 80.52 levels. Immediate support comes near 79.60 levels (100days Weekly EMA) and strong resistance comes near 81.80 (200 days Weekly EMA). Only and only if dollar index trades above 80 levels then could see further upside. Buying on dips on the index remains the strategy. (Dollar Index – 80.52). 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.