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Analysis | Commodity Technical Analysis | Written by India Forex | Thu Apr 12 12 02:46 ET

EUR/USD: The euro is trading at 1.3132 levels. Risk appetite gain momentum and the common currency is seen trading with a slight intraday positive bias as Spain bond yields fell after a board member of the European Central Bank indicated it may buy the nation's debt. 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 67.46 levels. EUR/INR is like to trade in the range of 67.10 and 67.69 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 on the back of slight risk sentiment and positive BRC Retail Sales Monitor y/y data yesterday. Support is seen at 1.5882 levels (21 days daily EMA) while resistance is at around 1.5965 levels. Exporters cover GBP/USD pair on upticks. GBP/INR is at 81.83 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 1.0369 levels. Risk sentiment and Unemployment Rate data in the morning boosted investors confidence and the currency rallied, increasing demand for higher yielding currencies like AUD. Support is seen at around 1.0229 levels and resistance is seen at 1.0436 levels (100 days daily EMA). Target 1.0 (parity).

USD/JPY: USD/JPY is currently trading at 80.90 levels. CGPI y/y and M2 Money Stock y/y data came out better this morning leading to strength in Yen. Support is seen at 80.09 levels (50% retracement on the daily chart) while Resistance is at 81.81 levels (21 days daily EMA). Short Term maintain Bullish for the pair Target 85 levels.

Oil: Oil is currently trading at 102.61 levels, bouncing back in trade after a fall for the past few days. The EIA said crude supplies rose 2.8 million barrels on the week ended April 6. Support comes at 98.395 levels (200days daily EMA) and resistance is seen near 103.57 levels (55 days daily EMA). Overall range bound between 100-105

Gold: Gold is currently trading at 1658.657 levels, trading in a steady range since yesterday after rising in trade for the past few days. Yields have risen tremendously for Spanish bonds in the past week alone. There has been great demand for physical gold from Asian giants like China and India. Also, on the occasion of Akshaya Tritiya which falls on 24th of April jewelers see robust demand, especially post the 3 weeks strike against duties levied on the metal. Near term support is seen close to 1649.98 (21 days 8 hourly EMA) while the immediate resistance is seen near 1677.26 (55 days Daily EMA). Overall trend is still bearish sell on rallies around 1670-80 dollars.

DI: Dollar index is currently trading at 79.74 levels, briefly surpassing 80 levels in intraday trade yesterday. Relief came in the form when ECB officials came in with statements that they were ready to intervene in the debt markets in regards with Spain's current issues. Near term resistance for the dollar index is seen at 80.16 levels (recent high) while the support comes near 79.44 levels (55days daily 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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