Forex Technical Update

Daily Forex Technicals | Written by India Forex | Apr 20 09 05:13 GMT |

Rupee: Referring to our previous charts and updates we still maintain a bullish view on rupee aiming 48.80 levels. Dollar has slightly gone strong in the last couple of trading sessions which is looked more as a retracement. Only a break above 50.30 would change the view to neutral otherwise indicators are quite bullish. Bullish Euro: Euro fell sharply due to poor economic expectations and bearish chart formations. The charts are looking quite oversold and retracements are expected to the tune of 1.3130 levels. Look for opportunities to go short around those levels or in turn go long around current levels for 70-80 pips. (Eur/Usd:1.2985). Bearish. Pound: The pair broke the channel support at 1.4770 but is likely to take support from the 100 4-hourly and 21 Daily EMA at 1.4650-4690 levels. Incase the market is turning again from those levels we would look at buying for 100 pips. (Gbp/Usd: 1.4740). Neutral Yen: The Usd/Jpy pair is still stuck in the weekly triangle support at 98.32 and resistance at 101.70 levels. The pair is likely to break the consolidation soon. The direction of the break is likely to determine the direction of the pair for the next few sessions. (Usd/Jpy: 98.60). Australian Dollar: Aussie has just broken the trend line support. It should ideally hold 0.7100 levels. Only a break below 0.7100 for 2 consecutive sessions would change the outlook neutral. (Aud/Usd: 0.7180). Gold: Gold as expected plunged to the 200 Day EMA at $864 levels. Gold is holding below the daily and weekly trend lines and crucial moving averages. Strong break of $864 support can bring a fall upto $850. Sell at retracements around 880 to 890 levels. Short term Bearish (Gold: $887.00) Dollar index : Dollar Index firmed up in the last few trading sessions mainly due to Euro weakness and is seen pressing the 86 – resistance levels once again. The bias for DX remains bullish above the 82-key support. Decisive break above 86.15 could march a rally upto 88 levels. Bullish. 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.