India Forex`s technical outlook on currencies

India Forex has come out with its technical outlook on currencies. According to the research firm, EUR/INR is like to trade in the range of 67.10 and 67.90 levels.

EUR/USD: The Union currency is currently trading flat at 1.3342 levels. The greenback is weak across the board and Euro is trading firm with a slight positive bias on the back of better-than-expected US manufacturing data and strong Chinese PMI data. The market will be closely waiting for the FOMC minutes today for any cues of future stimulus moves. Euro experiences a support at 1.3277 levels (100 days daily EMA) while resistance is at 1.3419 levels (200 days daily EMA). EUR/INR is at 67.54 levels. EUR/INR is like to trade in the range of 67.10 and 67.90 levels. Outlook: Short Term Bullish and Medium Term Bearish Target 1.3000 levels again. Exporters cover EUR/USD pair above 1.33 levels. GBP/USD: Pound is currently trading at 1.6042 levels. Better than expected Manufacturing PMI data and risk sen-timent in the market boosted demand for the cable against the US dollar. Support is seen at 1.5962 levels while resistance is seen at around 1.6148 levels. Exporters cover GBP/USD pair at current levels. GBP/INR is at 81.18 levels. GBP/INR is likely to trade in the range of 81.40 - 80.80 levels today. Maintain short term Bullishness and Medium term Bearishness. Target 1.55 levels again. Exporters cover GBP/USD pair at current levels. JPY: USD/JPY is trading weaker in Asia, touched low of 81.55 after Average Cash Earnings y/y data released bet-ter and it is currently trading at 81.85 levels. Support is seen at 81.05 (55 days Daily EMA) while Resistance is at around 83.10 levels. Short Term maintain Bullish for the pair Target 85 levels . AUD: AUD/USD is trading higher up 0.3% at 1.0444 ahead of the RBA rate decision today. Support is seen at 1.0380 levels while Resistance is at around 1.0480 levels (21 days daily EMA). AUD importers to cover short term on dips. Short term and Medium term Bearish. Target: 1.02 and then parity. Oil: Oil is currently trading at 104.94levels. Oil recovered from earlier losses after the Institute for Supply Manage-ment's manufacturing index increased to 53.4 last month and a measure of factory. Oil rallied the most in six weeks. Support comes at 101.51 levels(100days daily EMA) and resistance is seen near 105.51levels(21days daily ema). Overall rangebound. GOLD: The Yellow metal is currently trading at 1680.20 levels. The positive move was supported by strong ISM manufacturing data in the US, Rumors are circulate that jewelers in India, one of the world's largest gold markets are expected to reopen for business after a two-week strike provided further support for the gold. Near term sup-port is seen at 1669 while the resistance is seen near 1687 (55day Daily EMA). Overall sell on rallies. DI: Dollar index continues to decline and currently trading at 78.41 levels. The March reading of 53.4 for the ISM index is a shade better than consensus estimates and suggests that despite choppiness in orders, business spend-ing will be additive to GDP growth in the first quarter. Near term resistance for the dollar index is seen at 79.41levels while the support comes near 78.21 levels(55day EMA). Overall bullish target 81. 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 on the attachment

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