Vikram Murarka
Kshitij Consultancy Services
Euro has strengthened as Dollar Index has broken below its support at 102.25. EURJPY and USDJPY have scope to test their immediate supports before a bounce back can happen. USDCNY can see a dip to 7.20 while it stays below 7.25. Pound looks bullish for a test of key resistance at 1.2950. Aussie and USDRUB are likely to be range bound for some time. USDINR has declined as the resistance at 82.75/80 has held well and can come down more from here. EURINR has broken above its crucial resistance of 90.80 and may advance further in the near term.
The US Treasury yields have dipped. They have to sustain above their support to avoid a fall and move up going forward. The German yields remain stable. The outlook is bullish to see a strong rise in the coming weeks. The 10Yr and 5Yr GoI have declined sharply. But supports are there to limit the downside and keep the chances alive of seeing more rise going forward.
Dow has rebounded and has scope to move up further from here. DAX and Shanghai have risen further but need to break above their resistance to strengthen the momentum further on the upside. Nifty is bullish while above the support at 19300-19200. Nikkei has bounced back as the support mentioned at 32000 has held well.
Brent and WTI are holding well below the resistance $79 and $75 respectively. Gold is likely to be range bound for some time. Silver and Copper are attempting to break above their immediate resistances.
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The above views are based on the latest available information. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. While the views are proffered with the best of intentions, neither the author, nor the firm are liable for any losses that may occur as a result of any action based on the above. 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.
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