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) projected earlier has reached. Exporters sell at every rise for far end, importers stay open. (USDINR - 47.10).Bullish.
Euro
EURO bullish momentum was paused on Friday and corrected yesterday around 200 pips.Bullishness is slowly fading away with the break of 1.4850 levels.
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-1.4812) Neutral.
Sterling
GBP encountered selling at 1.6400 levels yesterday. Buying can happen till 1.6400 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 to slightly down. (GBPUSD - 1.6364) Neutral to Bearish.
Yen
JPY attempted to push higher yesterday but failed to move below my key support level 91 and closed higher at 92.32 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.( USDJPY -91.14) Bullish
Aussie
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- 0.9092) Bullish.
Dollar index
Dollar index has rebounded strongly from 74.90 levels and currently trading at 76.10 levels. Further upside gains are expected till the cluster resistance at 76.80 levels (55 EMA in Daily chart). Daily stochastic is showing flat.(DI- 76.10) Neutral.
