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Weekly Technical Market Commentary
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Weekly Technical Market Commentary
Sat, Nov 14 2009, 15:24 GMT
by Abhishek Goenka
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.
Published on Sat, Nov 14 2009, 15:57 GMT
Archive
- Weekly Technical Market Commentary
Published On Mon, Dec 14 2009, 07:24 GMT - Weekly Technical Market Commentary
Published On Mon, Dec 7 2009, 07:24 GMT - Weekly Technical Market Commentary
Published On Mon, Nov 30 2009, 09:17 GMT - Weekly Technical Market Commentary
Published On Sat, Nov 14 2009, 15:24 GMT - Weekly Technical Market Commentary
Published On Tue, Nov 3 2009, 14:22 GMT
India Forex Advisors Pvt Ltd
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Legal disclaimer and risk disclosure
These views/ forecasts/ suggestions, though preferred 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.Related reports
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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