India Forex`s technical outlook on currencies

India Forex has come out with its report on currencies

EUR: Euro is currently trading at 1.3160 levels. Euro collapsed vs. the US Dollar as Moody's Investors Service cut the debt ratings of six Euro area countries and revised its outlook on the U.K.'s and France's top AAA ratings to negative, due to Europe's debt crisis. Strong support is seen at 1.3122 levels (21 and 55 days daily EMA) and resistance is seen at 1.3266 levels (100 days daily EMA). EUR/INR is at 64.89 levels. EUR/INR is like to trade in the range of 64.50 and 65.00 levels for the week. Short Term Bullish Medium Term Bearish. Break of 1.33 on a closing weekly basis would turn the outlook bullish otherwise still in range of 1.26-1.33.

GBP: GBP is currently trading at 1.5707 levels. The cable also collapsed vs. the US Dollar tracking weak Euro and weak risk sentiment in the market. RICS House Price Balance data came out neutral at -16%. Support is seen at 1.5655 levels (55 days daily EMA) while resistance is seen at around 1.5799 levels (200 days daily EMA). GBP/INR is at 77.47 levels. GBP/INR is likely to trade in the range of 77.25 to 77.90 levels today. Maintain short term Bearish and Medium term Bearish. Target 1.55.

AUD: The Aussie is trading at 1.0680 levels. Aud fell after Moody's downgrade 6 Euro nations and reduced demand for risk-ier assets. Support is at 1.0624 levels (21days daily EMA) and Resistance at around 1.0802 levels. Exporters can cover at current levels and importers can cover near 1.0300 - 1.0400 levels. Short Term: Neutral Medium Term: Bearish. Target: 1.0300 levels.

JPY: Yen is currently trading around 77.91. USD/JPY support is at 77.30 levels while Immediate resistance is at 78.10. Jpy exporters hold for cover. Outlook: Short Term slight Bullish for JPY Target 78 again.

Oil: Oil is currently trading at 99.59 levels. Oil rises as concern grew that a ban on Iranian crude may cut supplies and the news of Moody's downgrade of Euro nations was overshadowed by Iran crude ban concern. Support is seen at 98.61 levels (55 days daily EMA) and resistance is seen at around 101.52 levels. Outlook: Short term bearish and medium term bearish. Target: 95 levels. Look at shorts at stiff resistances for medium term.

Gold: Gold is currently trading at 1715.66 levels, a slight fall from last week. Gold fell as the stronger dollar on board re-duced demand for the precious metal as an alternative safe havens. Support is seen at around 1688.19 levels (55 days daily EMA) while stronger resistance is seen at 1726.50 levels (21 and 55 days 4 hrly EMA). Outlook stays medium term bearish: Look at shorts. Target 1700 again.

Dollar Index: DI is currently trading at 79.12 levels. Dollar rises strongly across the board as risk aversion grips the market after Moody's downgrade of 6 Euro zone countries. Support is seen at 78.72 and resistance is seen at 79.32 levels. Short term and Medium Term: Bullish. Next target 80 levels.

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