EURINR likely to trade in 65.40-66.30 range: India Forex

India Forex has come out with its report on EUR, GBP, AUD, JPY

EUR: Euro is currently trading at 1.3341 levels. Euro is trading in red after ECB announced second LTRO package of 530 bn Euros yesterday and Federal Reserve Chairman Ben Bernanke's silence on not signaling any further monetary easing to stimulate growth in the US. Yesterday French Consumer Spending m/m and CPI y/y data came out weaker yesterday. Strong Support is seen at 1.3274 levels (21 and 100 days daily EMA), Resistance is seen at 1.3480 levels (200 days weekly EMA). EUR/INR is at 65.62 levels. EUR/INR is like to trade in the range of 65.40 and 66.30 levels. Short Term Bullish Medium Term Bearish.

GBP: GBP is currently trading at 1.5921 levels. The sterling is slight weak vs. the US dollar but is trad-ing strong vs. the Eur, as the LTRO package announced yesterday to ease liquidity among banks made Investors to stack up more cable then Euro. Support is seen at 1.5880 levels (21 days 4hrly EMA) while resistance is seen at around 1.6000 levels. GBP/INR is at 78.32 levels. GBP/INR is likely to trade in the range of 77.80 - 78.50 levels today. Maintain short term Bullish and Medium term Bearish. Target 1.55 levels.

AUD: AUD is currently trading at 1.0754 Levels. AUD is in range bound and slightly positive as signs of improvement in Chinese manufacturing figures boosted the demand for higher yielding assets like AUD. Immediate support comes at 1.0691 levels (21 days daily EMA), resistance is at around 1.0818 levels. Short term exporters cover between 1.0700- 1.0800 levels. Short term Neutral. Medium term Bearish. Target: 1.0300-0400 levels.

JPY: Yen is currently trading at 81.11 levels. Capital Spending q/y data came out better this morning. Immediate resistance is at around 81.65 levels, while support is seen at 80.68 levels (21 days 4 hrly EMA). JPY Importers hold for cover. Outlook: Short Term maintain Bullish for the pair Target 82 and next 85 levels. It seems the yen has bottomed at 76 levels.

Oil: Oil is currently trading at 107.05 levels, falling marginally from intraday levels of 107.50 on back of higher than expected inventories in the weekly US data. Signs of recovery in the light of good GDP fig-ures coming out of developed economies including the US will help maintain a higher level in this com-modity. Support is seen at around 104.232 (21 days daily EMA) and resistance is seen at around 110 levels. Outlook: Short term bullish - Medium term bearish.

Gold: Gold is currently trading at 1721.875 levels, a huge plunge from yesterdays levels and the big-gest fall in more than 3 years. Ben Bernanke failed to signal out any actions on further easing causing such a spiralling movement in the metal later to be marginally rescued by LTRO 2.0. This was in line with our expectation in previous reports where a

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