Forex Technical Update

Daily Forex Technicals | Written by India Forex | Jun 23 09 07:04 GMT |

Rupee : Rupee had met our target of 48.66 as expected. It has broken the trend line resistance at 48.65 levels. Incase the rupee stays. Stay bearish (USD/INR : 48.85). Medium term bearish incase it holds above 48.65 trendline. Euro Euro plunged again after taking resistance at 1.40 plus levels to 1.3827 levels. Bias is clearly bearish . It is still maintaining a range bound move with the downward bias and breaking of 1.38 on a closing basis would push the pair to 1.3450. Daily trendlines have been consistently broken. ONLY and ONLY if it manages to maintain 1.4050 then we might have to reconsider the downtrend. (Eur/Usd:1.3830). Bearish Sterling :Cable made a kind of double top formation at 1.66 levels and still moving in quite a volatile fashion in last 8-9 days showing both sides movement. of 250 pips . Important support holds at 1.6200 levels breaking which we could see extreme bearishness. LOOKS QUITE PROBABLE. View needs to be reconsidered only if 1.6650 breaks. (Gbp/Usd: 1.6260). Medium term Bearish Yen :Dollar-Yen pair is trading sideways confined between the cluster support of 94 levels and resistance of 99.55. We should not initiate positions until this wide range breaks on either side. The bias is towards yen strength and dollar weakness due to increased risk aversion again. (USD/JPY : 95.20) Rangebound Australian Dollar :Aussie has also broken the up trendline due to fall in commodity prices across. We could target .7600 in days to come. Remain bearish overall due to slump in commodity prices overall. (Aud/Usd: 0.7826). Short term Bearish Gold :Gold is clearly bearish since its holding below its daily trend at $960. Our short positions initiated in 935 dollars are still on targeting below 900 dollars. (Gold- $914.63). Bearish Dollar Index : DX bounced back from 79 levels (as expected) and is currently trading above 80-mark. The chart is turning bullish since the downtrend line has been broken and market is holding above 80 levels. Till we see the levels above 80 the index holds bullish. (DI- 81.25) 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.