Kshitij Consultancy Services Team
Kshitij Consultancy Services
Good Morning!
The Dollar Index and Euro remained stable but are headed to 105.50/106 and 1.07 respectively. USDJPY and EURJPY have risen to test our mentioned targets of 156/157 and 168 respectively. USDCNY holds above 7.22 and can further test 7.23-7.24 in the coming sessions. Aussie can fall to 0.65 if it does not see an immediate rise from current levels while Pound could hold above 1.2450 for a couple of sessions before falling towards 1.24/2350 before bottoming out in the medium term. EURINR could dip to 89.50/20 while below 90. USDINR is likely to hold within the range of 83.57/55-83.40/30.
The US Treasury yields have bounced back. But a strong follow-through rise from here is needed to move further higher. Else a fall to test their supports cannot be ruled out. The German yields are bouncing back from their key supports. While this sustains, there is room to rise more from here. The 10Yr and 5Yr GoI have inched up. But a strong follow-through rise from here is needed to avoid the fall and resume the uptrend from here itself. We will have to wait and watch.
Dow Jones remains bullish for the near term. DAX is coming closer to its resistance. Need to see if that holds or not. Nifty has recovered slightly from the support at 22200-22000 and while above it, the index has scope to extend the recovery further. Nikkei looks ranged within 39000-37000 for a while. Shanghai has scope to test key resistance at 3200 in the near term before a corrective fall can happen.
Brent and WTI can rise towards their immediate resistance while above the support at $82 and $77.50-77. Gold is vulnerable to a fall while below 2350-2400. Silver has to rise past 28 to become bullish. Else it might trade within 28-26.30 for some time. Copper looks ranged between 4.47/4.50-4.70. Natural Gas outlook is bullish while above 2.1-2.05.
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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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