Forex Technical Update

Daily Forex Technicals | Written by India Forex | Aug 14 09 06:33 GMT |

Rupee :Rupee moved up to 48.50 day before levels but unable to break 48.60 resistance to change the bullish bias. It is likely to be rangebound between 48.20 to 48.40 today. Please note if the dollar momentum continues and Indian stocks sell off pushes rupee above 48.60 we would consider medium term weakness to resume till then rupee maintains stronger bias. Neutral (USD/INR : 48.25) Euro : Euro broke 1.4320 yesterday taking support from trendline at 1.41 levels. Maintaining above 1.43 today and Monday would be bullish for the pair otherwise consolidation would continue between 1.40-1.44 levels in the days to come. Only a break below 1.3852 would negate the weekly trend of euro. (EUR/USD 1.4267) Sterling : Cable also took a trendline support close to 1.6370 levels and moved up to 1.6560 . It stands bearish below 1.6640 .Bias is again neutral until the pair is able break of 1.6250-6300 (weekly trendline& 55 day EMA) would confirm a trend reversal for the pair and target 1.58 again. (GBP/USD 1.6570) .Slight Bearish Yen : Yen broke the weekly trendline of 95.40 after a long phase of consolidation . Expect the levels to act as an important support now and target 99 levels in medium term. (USD/JPY 95.25) Bearish Aud :Aud seems to be entering into correction mode lately .We have started witnessing sell off in commodity prices . It is bullish until we see a break below 0.7950. (AUD/USD -0.8427) In Correction Mode Gold : Gold has also seen correction lately. Bullish only above 960 dollar otherwise rangebound. (Gold- $956.41). Rangebound Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) rebounded close to 77 levels. Expect retracement till 80 levels.Closing above 82 levels would change the bias of the index. (Dollar Index - 78.42) Neutral 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.