• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney Invest Now master your money

Home » News » Brokerage Recos - Currencies

Jun 11, 2012, 01.20 PM | Source: Moneycontrol.com

India Forex`s technical outlook on currencies

India Forex has come out with its outlook on currencies.

Like this story, share it with millions of investors on M3

India Forex`s technical outlook on currencies

India Forex has come out with its outlook on currencies.

Post Your Comments

Share Cancel

India Forex has come out with its outlook on currencies.

USD/JPY: PY is currently trading at 79.62 levels. Japanese yen is range bound since last three trading sessions. The possibility of intervention by the BOJ remains on the table if the currency witnesses a dramatic pick up. Near term support is at 78.61 levels and the near term resistance is at 80.16 levels.

AUD/USD: Australian dollar is trading positive at 0.9975 levels. Australian dollar rose above parity with the US dollar, after a better than data from China. China’s exports rose for the month of May, countering the domestic slowdown. Also, inflation for the month of May eased to 3% which is lowest in the 2 years. This positive data has supported the Australian dollar. Near term support is seen at 0.9820 levels, while immediate resistance is at 1.0086 levels (55 day EMA).

Gold: Gold is trading at $1597 levels. Gold prices rose in today’s session as the Spain’s bailout is likely to put pressure on the US dollar. Near term support is at $1577 levels, whereas strong resistance can be seen near $1616 levels (55 day EMA on daily chart). Gold remains bearish as expected internationally.

Oil: WTI Crude is trading at $86.06 levels. Crude oil prices are seen rising as the Spain’s crisis is marked to be calming down after the Euro zone officials agree to provide help of up to 100 billion Euros to the country’s banking sector. This aid helped the crude prices to reverse their earlier losses as this will boost the demand for the commodity. Support is at $81.99 levels and resistance at $89.03 levels (21 day EMA.)

DI: US dollar index closed at 82.43 levels. In the last week, on Friday, we saw US trade deficit was released for the month of April, which is at $50.0bn, which was slightly larger than expected $49.5bn. Exports of the country fell by 0.8% in April, while imports fell 1.7%. Decrease in exports is mainly on account of decline in capital goods exports and drop in the industrial supplies. But this data did not prove to be disappointing for the US dollar, as the currency is gaining on the back of risk aversion, amid concerns in Eurozone. Strong near term support can be seen near 81.84 levels and the resistance is at 83.54 (recent high).

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

Buy, Hold, Sell ? Hear it first on M3
India Forex`s technical outlook on currencies

See all

Get started using your favorite social network


Login using moneycontrol ID


Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network


Simply sign up using this short form

* mandatory


Username should be atleast 4 character


Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter


Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Already have an account? Login