India Forex`s technical outlook on currencies

India Forex has come out with its report on currencies

EUR: Euro is currently trading at 1.3156 levels. Euro is trading firm although the price action suggest that it is under pres-sure as Euro officials have increased the pressure on the Greek government to deliver the specified budget cuts in order to receive the second bailout. Meeting in brussel is cancelled today instead officials will hold a teleconference call to force Greece to do more in order to receive further aid. Looking ahead French Prelim GDP q/q and German Prelim GDP q/q data is expected weak while Flash GDP q/q data is also expected weak. Strong support is seen at 1.3123 levels (21 and 55 days daily EMA) and resistance is seen at 1.3262 levels (100 days daily EMA). EUR/INR is at 65.01 levels. EUR/INR is like to trade in the range of 64.80 and 65.40 levels for the week. Short Term Bullish Medium Term Bearish. GBP: GBP is currently trading at 1.5712 levels. Looking ahead Claimant Count Change data is expected weak. 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 77.65 levels. GBP/INR is likely to trade in the range of 77.25 to 77.90 levels today. Maintain short term Bearish and Me-dium term Bearish. Target 1.55. AUD: AUDUSD is currently trading at 1.0724 Levels. AUD consumer confidence data came out 4.2% vs 2.4%. AUD/USD is virtually unchanged, having traded a modest 1.0677/1.0720 range so far this morning. Immediate support comes at 1.0643 level while resistance at 1.0735 levels (Trend line). AUD Exporters can cover at current levels and importers cover between 1.0300- 1.0400 levels. Short term Neutral . Medium term Bearish. Target: 1.0300-0400 levels. JPY: Yen is currently trading around 78.53. The yen weakens against the greenback as the expectation of further monetary easing by the Bank of Japan damped demand for Yen. USD/JPY support is at 78.02 levels while Immediate resistance is at 79.00. Jpy exporter cover at 78.00. Importers may wait for 80 levels Outlook: Short Term maintain Bullish for the pair Tar-get 78 achieved. Oil: Oil is currently trading at 101.15 levels, briefly breaching the resistance in intraday yesterday with tension surrounding Iran. The commodity came down marginally post weak retail sales data from the US with a higher dollar. Support is seen at 100.40 levels (55 days daily EMA) and resistance is seen at around 101.84 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 1724.50 levels. Support is seen at 1713.31 levels (21 days daily EMA) while resistance is seen at around 1749 levels. Outlook stays medium term bearish: Look at shorts. Target 1700 again. Dollar Index: DI is currently trading at 79.40 levels. Dollar has risen as the EU meet has been postponed and Moody

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