Forex Technical Update

Daily Forex Technicals | Written by India Forex | Nov 19 08 05:38 GMT |

Euro: Euro witnessed a sideways trading within 133 pips in yesterday's session whereby it tested the bids at 1.2566. Currently Euro is trading below the resistance zone formed by the hourly and 4-hourly EMA's. Intraday shorts for 40 pips can be taken here (1.2630). The bias remains on the downside below the important resistance of 1.2820 (21 Daily EMA). Further shorts can be initiated around 1.28 levels for 70-80 pips. (Euro: 1.2628) Pound: Cable remained quiet yesterday as it traded within 190 pips. The upside was capped around 1.5090 levels (falling trendline) which determines an important resistance for Cable in today's session as well. Although, the daily charts are indicating some buying pressure, overall outlook remains on the downside. Initiate shorts around 1.51 levels with stops above 1.53. (Gbp/Usd: 1.4965) Yen: The Usd/Jpy pair continued to trade sideways in 140 pips touching the high of 97.41 in the US session yesterday. The hourly charts are showing an upside and the pair may take resistance around 97.28 levels (short-term falling trendline) where shorts can be initiated for 60-70 pips. (USD/JPY: 96.50) Rupee: The rupee opened lower today at 49.72 as compared to the previous close of 49.67, as weaker Asian equities raised concerns of foreign fund withdrawals from the local stock market. Rupee is expected to remain in the range of 49.00-50.00(USD/Re: 49.77) Swiss Franc: The Usd/Chf pair continued to trade above the 1.20 levels touching the high of 1.2044 in yesterday's session. Currently trading above the yesterday's high and taking resistance at the 55 Monthly EMA (1.2060); the pair may retrace slightly from current levels. However, with the charts are flattening in the overbought region, further upside for the pair cannot be ruled out. (Usd/Chf: 1.2050) Australian Dollar: Aussie traded within 160 pips yesterday touching the high's of 0.6576 taking resistance around the 55 4-hourly EMA. The 4-hourly charts are indicating further downside with immediate support coming in around 0.6340 levels. If this level is broken decisively then Aussie may re-test the previous low of 0.6009. Shorts could be initiated around 0.6650 levels (21 Daily EMA) for 60-70 pips. (Aud/Usd-0.6447) Gold: Gold witnessed a $13 move yesterday below the 21 Daily EMA. The charts are neutrally poised with resistance staying at $750. On the downside cluster support comes in at $735 levels, which if broken decisively can take this precious metal to $700 and below. Initiated shorts around $750 or at the breakout of $733 on the downside. (Gold: $737.30). Dollar index: Dollar index is currently trading around 87.51 levels with the stochastic at 74.79%. India Forex http://www.indiaforex.in 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.