Vikram Murarka
Kshitij Consultancy Services
Good morning!
Dow needs to hold above 31500 to retain our bullish view of seeing a further rise on the upside while Dax has fallen and can test support at 13000-12900. Nikkei has declined and could test 27500-27000 in the near term. Shanghai is trading closely within a narrow range of 3240-3280. Nifty is likely to fall on the downside while below 16500.
Brent and WTI have fallen back after testing their immediate resistances at 107.5 and 100 respectively. While below these resistance outlook is bearish to see a dip in the near term. Gold has fallen towards the support at 1710 on a surge in the US Dollar index. Silver continues to remain ranged. Copper has come down to test its immediate support after rising sharply towards 3.5 yesterday.
Dollar Index continues trade within 106-109 while Euro has dipped below 1.02 and is headed towards 1.01-1.00. Aussie can remain in 0.6880-0.70 for next 1-2 sessions while Pound is ranged within 1.21-1.1960. EURJPY remains above 138 and has scope to rise towards 140-142 on the upside. USDCNY can test 6.77/78 before falling off towards 6.74 in the medium term. USDRUB can trade within 61-56 region while 61 is an immediate and important resistance. USDINR can trade within 79.60-80.05 unless a break on either side is seen.
The US Treasury yields have inched up across tenors. The outcome of the US Federal Reserve meeting will determine whether the yields will rise from here or will fall to test the crucial supports before reversing higher. The German yields have tumbled again and are looking bearish to fall further from here. The 10Yr GoI looks weak to break its support and fall further while the 5Yr GoI looks mixed within its narrow range.
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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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