Forex Technical Update

Daily Forex Technicals | Written by India Forex | Aug 05 09 06:57 GMT |

Rupee :Rupee maintained strength breaking the trend at 48.00 levels. Rupee stands bullish immediate term. It has reached the first target close to 47.41 and retraced back . We should be prepared for any impending short term reversals in dollars in international markets which would get us a move above 48.20-30 soon. We expect the range to be between 46.80 to 48.30 in the next 1 month with a bullish bias.Look for shorts near 47.80 - 48.25 levels (USD/INR : 47.68). Short term: Bullish , Medium term: Bearish Euro : Euro broke above 1.4303 and moved the euro till 1.4446 levels. We maintain bullishness till 1.45 levels and slightly higher until 1.42 breaks. Buy on dips around 1.4325-4350 for 100 -150 pips. (EUR/USD 1.4387) Short term: Bullish , Medium term: Bearish Sterling :Cable broke 1.6732 levels and reached 1.70 immediately in yesterdays trading session. Buying on dips around 1.6750 to 1.6825 would be recommended until reversal signs are seen . (GBP/USD 1.6920) . Short term: Bullish , Medium term: Bearish Yen: Yen broke the weekly trendline of 95.40 levels but unable to sustain above 95.40 levels. The charts are indicating rangebound to mild bullish patterns for the yen. We need a weekly close above 95.50 to make the yen bearish. (USD/JPY 94.90) Short term: Bearish , Medium term: Bullish Aud :Aud has been maintaining a stronger bias from the last 2-3 sessions. It is bullish until we see a break below 8150 . (AUD/USD -0.8418). Short term: Bullish , Medium term: Bearish Gold: Gold took a smart rebound yesterday due to increased buying in commodities across.Slightly bullish due to increased buying across commodities and precious metals and selling of dollar. Break of 960 dollars has started a new bull run for gold. (Gold- $963.80) Short term: Bullish ,Medium term: Bearish Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) broke the important support of 78.33. It is expected to touch the low of 77 and rebound.(Dollar Index - 77.73) Short term: Bearish , Medium term: 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.