Forex Technical Update

Daily Forex Technicals | Written by India Forex | Oct 27 09 08:17 GMT |

Rupee : The Indian Rupee maintains strength in short to medium term horizon due to weaker dollar overseas and huge inflows and higher equities. 45.80 would remain as an important support . Exporters Sell at rallies from 46.45 to 47.50 in short to medium term . Rupee broke the important resistance at 46.80 on dollar , commodities and equity correction overseas.Room till 47.14 (38.2 % retracement of last fall). Exporters sell at every rise importers stay open. (USDINR - 46.88).Bullish. Euro : EURO bullish momentum was paused on Friday and corrected yesterday around 200 pips.Bullishness is valid till it holds a even key support level 1.4850 area. Break of 1.48 clearly would signal major correction in euro driving other currency pairs also lower against dollar.Immediate resistance at 1.5050. Breaking which bullishness will resume again. (EurUsd-1.4880) Neutral. Sterling: GBP encountered selling at 1.6400 levels yesterday. Buying can happen incase it is unable to break 1.6250 today. Break of pound above 1.6400 price might start to regain it's bullish momentum once again.The bias remains neutral. (GBPUSD - 1.6340) Bearish. Yen : JPY attempted to push higher yesterday but failed to move below my key support level 91.40 and closed higher at 92.23 indicating bullish momentum is still there. 92.50 area remains potential strong resistance. Only valid break above that area could lead us to further bullish scenario. Key support level also remains at 91.40.( USDJPY -92.07) Bullish Aud :AUD is unable to break past 0.9300 levels . The daily weekly and monthly charts are highly overbought and major correction is expected till 0.8950 levels which can be considered as fresh buying opportunities for Aud.(AUDUSD- 0.9180) Bullish. Gold : Gold corrected till $1036.90 levels yesterday (as expected) on the back of weak commodities and stocks. It is currently trading at $1042 levels. Immediate resistance now comes at $1046 levels where intraday selling can be expected. (GOLD 1042.23) Neutral. Dollar IndexDollar index has rebounded strongly from 74.90 levels and currently trading at 76.08 levels. Further upside gains are expected till the cluster resistance at 76.75 levels (55 EMA in Daily chart). Daily stochastic is showing flat.(DI- 76.03) 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.