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Analysis | Commodity Technical Analysis | Written by India Forex | Wed Apr 11 12 05:22 ET

EUR/USD: The euro is trading at 1.3085 levels. The common currency with a weak bias is trading range bound mainly supported by the strong psychological support at 1.30 although the fundamentals still reflects core weakness in the Euro area. Spanish and Italian 10yr government bond yields rose over 20bps respectively triggering risk aversion among market participants. Support is seen at 1.3000 levels while strong resistance is seen at 1.3193 levels (21 and 55 days daily EMA). EUR/INR is at 67.55 levels. EUR/INR is like to trade in the range of 67.30 and 67.90 levels. Medium Term Bearish Target 1.3000 levels again

GBP/USD: GBPUSD is trading at 1.5874. The cable is trading strong vs. the greenback and the Euro as uneasiness about the Euro zone debt crisis prompted investors to switch to the UK currency. BRC Retail Sales Monitor y/y data came out better this morning. Support is seen at 1.5821 levels (200 days daily EMA) while resistance is at around 1.5906 levels. Exporters cover GBP/USD pair on upticks. GBP/INR is at 81.91 levels. GBP/INR is likely to trade in the range of 81.40 - 82.30 levels today. Maintain Medium term Bearishness. Target 1.55 levels again. Exporters cover GBP/USD pair at current levels.

AUD/USD: The Australian dollar is currently trading at 1.0280 levels. The currency weakened taking some clues from the Asian stocks as global weakness is seen amid concern of Europe's debt crisis reducing demand for riskier assets Support is seen at around 1.0224 levels and resistance is seen at 1.0374 levels (200 days daily EMA). Target 1.0 (parity).

USD/JPY: USD/JPY is currently trading at 80.764 levels. Support is seen at 79.90 levels (100 days daily EMA) while Resistance is at 81.64 levels (200 days 4 hourly EMA). Short Term maintain Bullish for the pair Target 85 levels.

Oil: Oil is currently trading at 101.28 levels, after rising substantially in February, consolidating in March and finally giving way in April. The recent correction can largely be attributed to slowdown signals among large developed nations. France showed no growth in all of the first quarter of the year and will remain that way for coming months as reported yesterday. These issues as well as excess capacities will put pressure on global oil prices in the near term. Support comes at 98.328 levels (200days daily EMA) and resistance is seen near 103.558 levels (55 days daily EMA). Overall range bound between 100-105 dollars.

Gold: Gold is currently trading at 1654.70 levels, inching upwards as capital markets melted away yesterday across the globe. China's demand for gold remains robust as shown by Imports in February rising 20% from previous month. Near term support is seen close to 1647.042 (21 days 8 hourly EMA) while the immediate resistance is seen near 1677.788 (55 days Daily EMA). Overall sell on rallies.

DI : Dollar index is currently trading at 79.85 levels. The USD traded stronger against most of its partners, except the yen, as U.S. Treasuries prices rose on Tuesday, pushing benchmark yields below 2 percent for the first time in over four weeks, as worries about the pace of global economic growth bolstered demand for safe-haven U.S. government debt. Near term resistance for the dollar index is seen at 80.16 levels (recent high) while the support comes near 79.55 levels (21day EMA). Overall bullish target 81.

India Forex


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.


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