Forex Technical Update

EURUSD : EUR made a short term REVERSAL yesterday and might extend its move till 1.3850 and may be 1.40 levels. The bias remains slight bullish in near term though the long term bearish scenario remains intact. We still have potential bullish correction indicated by the falling wedge formation. Staying above 1.3750 would trigger bullishness for the pair. Only a move below 1.3650 would change the bias. (EURUSD - 1.3642) Short term Bullish.

Sterling : The GBPUSD has also made a short term REVERSAL yesterday and the bias remains slight bullish in nearest term. The range of 200 pips from the last 15 days has been broken on the upside and bullishness may stay for some days. Immediate term target 1.59 -1.60 levels. (GBPUSD – 1.5778). Short term Bullish.

Yen : USDJPY is currently trading at 90 levels momentum is building on the upside. Upside correction is expected near 92 - 93 levels. Resist initiating shorts for the pair due to increased risk appetite in global commodities and equities. (USDJPY- 90.30). Signs of bearishness developing

Aud : AUDUSD is currently trading at 0.9012 levels. Correction seems to be over for Australian dollar and upmove again resumed. Buying on dips remains the strategy. Further bullishness till 0.9250 levels is expected. (AUDUSD - 0.9012) Bullishness.

Gold : Since gold has been moving up constantly and broken the crucial $1118 dollars. It is bullish in medium term again. Buying on dips around $1103- $1110 is recommended. (Gold-$1118) Bullish

Dollar Index: Dollar index is currently trading below 80 levels. Continuous stay below 80 levels would target 78 levels in the index. Bearishness is creeping in at least for short tem. (Dollar Index – 79.70) Short-term Bearishness

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