Forex Technical Update

Daily Forex Technicals | Written by India Forex | Jun 08 09 07:33 GMT |

Rupee: Rupee opened 20 paisa weak at 47.30 today as the dollar across the board strengthened in the last session. The overall outlook continues to remain strong for Rupee, however 46.80 remains an important support. Retracement upto 47.50 -70 could be seen where exporters should look for opportunities to sell. (USD/INR : 47.29). Medium Term Bullish. Euro: Euro witnessed highly volatile trading session on Friday as it nose-dived close to 330 pips. Major sell off was seen in Euro after the NFP data. Immediate support comes around 1.3840-3880 levels (21 Daily EMA). Above this level, the bias for Euro remains bullish. Cautious buying around those levels is suggested for 100-120-150 pips. (Eur/Usd:1.3975). Bullish above 1.3750. Pound: Cable crashed to 1.5938 levels (as expected) after better than expected Non Farm Payrolls on Friday. The overall trend however remains bullish with no clear trend reversal signs. Strong cluster support comes around 1.5820-50 where longs can be considered for 150 pips. (Gbp/Usd: 1.5935). Short term Bullish Yen: Dollar-Yen pair took resistance close to 99 levels (55 Weekly EMA) and is trading below it. The charts indicate slight upside and holding below 99 can bring a pull back upto 97 levels (21 4-hourly EMA). The outlook for the pair would become bullish above 99 levels targeting 102. (USD/JPY 98.32). Australian Dollar: Aussie fell to 0.7916 in the last trading session with the 4-hourly charts now in the oversold region. The daily charts continue to indicate further downside with support around 0.7815 levels (21 Daily EMA). Thus, buying can be considered at the dips around 0.7840-50 levels for 100 pips. (Aud/Usd: 0.7977). Bullish. Gold: Gold plunged $31 as Dollar strengthened across the majors. Gold as expected retraced to take support around $952 (21 Daily EMA and trendline support). The charts are reaching the oversold territory and decisive break of this support can take Gold to $925 support. Initiate longs around $950 for $10 and further around $925 for $15-20. (Gold- $958.40). Bullish Dollar Index: DX surged to 80.65 levels breaking past the resistance of 80 (falling trendline). The stochastic is turning mid-way to indicate bearish bias in Dollar. Shorts at up-ticks could be considered. Overall Bearish. (DI- 80.64) 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.