Forex Technical Update

Daily Forex Technicals | Written by India Forex | Nov 30 09 07:57 GMT |

Rupee : Rupee touched the levels of 47 plus and corrected significantly down (unexpectedly) due to fresh bout of dollar selling happening overseas. The trend maintains bullish in rupee but we may look at 47 plus levels again till year end.(USDINR - 46.39) Bullish Euro : EURO is making a rising wedge pattern with clear divergence in the daily and weekly charts. Usually this kind of pattern leads to a strong correction downwards. The patterns are quite unexpectedly changing due to global events. Break of 1.4800 would make the pair bearish until then rangebound.(EURUSD - 1.5070) Neutral Sterling: GBP witnessed a very strong rebound from 1.6270 levels to 1.6570 currently (300 pips) . Sell positions can be built around 1.6634 levels for a target of 200-300 pips move in medium term.(GBPUSD - 1.6569) Bearish Yen : JPY reached its target of 85 on Friday due to heavy bout of risk aversion seen in the markets.The range seems to be between 85 to 87 with a strong bias still.(USDJPY - 86.34) Bullish Aud : AUDUSD moved down but was unable to stay below 0.9050 and bounced back unexpectedly again. Breaking below 0.9050 would push the pair till 0.8800 levels.Please note that AUD is unable to rise despite higher GOLD prices seen across. (AUDUSD - 0.9176) Neutral Gold : Gold climbed further to another record high of $1195 last week but failed to meet $1200 pscyhological level and pull back sharply. Nevertheless, the fall from $1195 was contained by 38.2% retracement of $1026.9 to $1195.0 at $1130.8 and gold recovered strongly to close at $1174.2. With a short term top in place, initial bias is neutral this week and some sideway trading should be seen. A break below $1130.8 fibonacci level cannot be ruled out. But after all, downside of the pull back should be contained by cluster support at $1091/94 level (38.2% retracement of $931.3 to $1195 and 61.8% retracement of $1026.9 to $1195) and bring up trend resumption. Break of $1195 will target next medium term projection level at $1258.(Gold -$1179) Bullish Dollar Index: Dollar index is taking support close to 74 levels . we are moving towards 75.88 levels soon.(DI - 74.545) 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.