Morning briefing: EUR/USD can decline within the 1.1600-1.1500 range
|The Dollar Index has immediate support near 99.50. While it holds above this level, the rise toward 101 remains in play. EURUSD & EURINR can decline within 1.16-1.15 & 103.75-102.00 range respectively. EURJPY is trading within 180-182 region. USDJPY has a scope to rise back towards 158 while it trades above 156. USDCNY can fall towards 7.07-7.065 before rebounding later. The Aussie can test 0.655 on the upside. Thereafter, whether the rise extends or not will have to be seen. Pound has declined a bit but the target of 1.33-1.34 is kept open while it trades above 1.32. USDINR can hold the 89.00-89.50 range in the near term.
The US Treasury yields are hovering around their support. Immediate resistances are ahead while below which a fall is still possible before a reversal is seen. The German Yields remain stable. Unless a strong rise is seen from here, a break below their immediate support and fall cannot be ruled out from here. The 10Yr GoI is bouncing back well from its support. The yield can rise more in the coming days.
The Dow was closed yesterday for Thanksgiving Day, while the Dax has risen and can continue to target 24000-24200. Nifty needs to break above 26500 to keep the bullish momentum intact else can face a decline from there in the coming sessions. Till then, a rise to 26400/500 looks likely in the very near term. Nikkei has risen as expected and is now bullish towards 52000, while Shanghai can continue to rise towards 4000 while in the 3800-4000 trade range.
Crude prices have risen slightly and could continue to move up in the near term. Gold and Silver have broken above their immediate resistance levels of $4200 and $54 and if the rise sustains, we may look for further bullishness. However, we need to remain cautious till the bullish sentiment is established. Copper has dipped, as it holds below the resistance at $5.21. It can test $5.1-5.0 before eventually rebounding in the medium term. Natural gas holds strong. Watch price action at $4.7, a break above which can be further bullish; else a decline from there can drag it lower to $4.4 gradually.
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