EUR: Euro is currently trading at 1.3231 levels. Risk sentiment loses steam after the bailout package was approved as the news was already priced in and the market participants are concerned that the Greece new austerity measures will not be implemented in full and it is also likely to put Greece into further recession.
Support is seen at 1.3145 levels ( 21Days daily EMA), Resistance is seen at 1.3257 levels (100Days Daily EMA). EUR/INR is at 65.08 levels. EUR/INR is like to trade in the range of 64.80 and 65.40 levels for the week. Short Term Bullish Medium Term Bearish.
GBP: GBP is currently trading at 1.5780 levels. Fading risk sentiment and weak Euro along with fragile UK economy outlook is put-ting downside pressure on the cable. Support is seen at 1.5740 levels (21 days daily EMA) while resistance is seen at 1.5790 levels (55 days 4 hrly EMA). GBP/INR is at 77.63 levels. GBP/INR is likely to trade in the range of 77.50- 78.00 levels today. Maintain short term Bearish and Medium term Bearish. Target 1.55 levels.
AUD: Aud usd is on the rebound from today lows at 1.0609 after China's HSBC Manufacturing index improved in February, printing a read of 49.7 as opposed to 48.8 last month. AUD is currently trading at 1.0653 Levels. Immediate support comes at 1.0480 levels (55days daily EMA) While resistance is at 1.0680 levels. Short Term importers cover near 1.0600 levels. Short term Neutral. Medium term Bearish. Target: 1.0300-0400 levels.
JPY: Yen is currently trading around 79.84. The dollar has hit a fresh 6-month high against the Japanese yen ahead of China’s Flash PMI data for February. Immediate resistance is at 80 levels and next 82.30 levels, while support at 79.40 levels and next 78.40 levels. JPY Importers cover partially short term import at current levels Outlook: Short Term maintain Bullish for the pair Target 80 and above.
Oil: Oil is currently trading at 105.92 levels, almost a nine month high and crucial resistance levels have been broken in this upside movement in the past week. The sanctions by the Euro zone and a counter ban by Iran itself haven’t helped in cooling of this commodity. Also now Asian economis like Japan, China and India are looking for immediate alternatives for atleast 10% of their current Imports only adding to the current situation. Support is seen at 102.594 levels 551 days 4hrly EMA) and resistance is seen at around 106 levels. Outlook: Short term bullish - Medium term bearish. Target: 101 levels..Look at short opportunities.
Gold: Gold held steady above $1,755.50 levels, just some points shy of touching 1760 levels. After consolidating for a while a good upside breakout has been seen in this metal. The Greek episode had its share in giving gold a lift to these levels but further movements in this space would be interesting to watch. Support is seen at 1721.615 levels (21 days daily EMA) while resistance is seen at around 1760 levels. Outlook stays medium term bearish. Target 1700 again.
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.
Dollar Index: DI is currently trading at 79.09 levels. Dollar has seen some pressure opening this week as a second bailout was announced for Greece helping the Euro surge close to a 100 pips causing the greenback to weaken. Support is seen at 78.80 (100 days daily EMA) and resistance is seen at 80 levels. Short term and Medium Term: Bullish. Target 80-81 levels.
