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Weekly Technical Market Commentary

Weekly Technical Market Commentary

Sat, Nov 14 2009, 15:24 GMT
by Abhishek Goenka

India Forex Advisors

USDINR Technical Chart


Comments : UsdInr has taken the support of 50% retracement in the weekly chart near $46.00 levels. It can bounce back from this support for the near-term target of $46.70 levels. Bullish


EURUSD Technical Chart


Comments :  EurUsd is forming a triangular pattern in the weekly chart where the upside is capped around 1.5040 levels whereas the support is seen at 1.4680 levels. Stochastics are due for correction in the over-bought region. Selling near the resistance levels with strict stoploss is recommended.Neutral.


GBPUSD Technical Chart


Comments : Sterling has almost retraced 50% from its lows of 1.3501 levels. This 50% retracement forms a strong resistance(1.6880). However holding above this levels for 2-3 trading session the near-term bias is bullish for Gbp and may lead to 1.7000 levels. Stochastics is flat in over-bought region. Neutral.


AUDUSD Technical Chart


Comments : AudUsd is consistantly trading above the weekly trendline.Stochastics are highly overbought and thus can bring some correction till the immediate support of 0.9020 levels where further cautious buying can be expected in Aussie.Cautious Bullish.


XAUUSD Technical Chart


Comments : Gold has as of now, made a newer high of $1123 levels and immediately corrected till $1102 levels. If further Sell-off in the greenback continues then, gold holds the potential to break the $1123 high and rise. Cautious buying near $1100 can be expected.. Cautiously Bullish.


Crude Oil Technical Chart


Comments :  Upside in Crude Oil was restricted near $81.93 levels in the recent past. Correction is likely from these levels for the target near the cluster support of $72 levels. Stochastics are due for downside correction from the over-bought region. Neutral to bearish.


Copper Technical Chart


Comments:  Copper are trading in a rising triangular pattern in the weekly charts. Upside can be restricted by the falling trendline resistance near $303 levels. Correction is expected from these levels as the stochastics are due for correction in the over-bought region.Cautious Bullish.


U.S. Dollar Index Technical Chart


Comments : Dollar Index has been trading in a falling channel indicating weekness in the dollar. Either side breakout can lead momemtum in DollarIndex. Crucial trendline as well as channel resistace comes near $76.00 levels and the support is seen at $74.10. Cautiously Bearish.

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Published on  Sat, Nov 14 2009, 15:57 GMT