Forex Technical Update

Daily Forex Technicals | Written by India Forex | Jul 07 09 06:20 GMT |

Rupee: Rupee stayed weak as expected post budget and crossed our target of 48.35. We maintain bearishness and a break of 48.53 again would push rupee weaker. Bearish.(USD/INR : 48.38) Euro: Euro is still holding below the short term trendline . We can look at accumulating shorts close to 1.3980 to 1.40 for a target of 150 pips. Bearish (Eur/Usd:1.3978) Sterling : Gbp had a bearish momentum yesterday but got a good support from 1.6100 levels. Bearishness in the pair still holds . Stay short around 1.6280 levels for 150-180 pips move.(Gbp/Usd: 1.6270) Bearish. Yen: Yen is short term bullish could head towards 92 level provided dollar maintains strength across board followed by risk aversion.(USD/JPY : 95.33) Bullish AUD: Remains bearish overall below 0.8050. 2 closings above 0.8100 would negate the view. Corrections in commodity prices is still expected across. Bearish (Aud/Usd: 0.7970). Gold: Gold was unable to hold above $930 . Still holding bearishness targeting $900 (Gold- $924.18). Rangebound to Bearish. Dollar Index: Dollar index extends the rebound from 79.56 and is set to take on 80.94. We're anticipating a break of 80.94 resistance to signal resumption of rise from 78.33, to be confirmed by break of 81.36/47 resistance zone. Further rally should be seen to next key resistance at 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64). in such case. (DI- 80.70) 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.