EURINR likely to trade in 67.50-68.30 range: India Forex

India Forex has come out with its report on EUR, GBP, AUD, JPY, oil, Gold, and Dollar index. According to the research firm, EURINR is like to trade in the range of 67.50 and 68.30 levels.

EUR: The single currency is currently is trading at 1.3326 levels. Euro is firm but trading under pressure as risk sentiment loses steam worldwide on concern growth prospects in the world's two largest economies, the United States and China. Support is seen at 1.3274 levels (100 days daily EMA) and resistance is seen at 1.3439 levels (200 days daily EMA). EUR/INR is at 67.93 levels. EUR/INR is likely to trade in the range of 67.50 and 68.30 levels. Outlook: Short Term Bullish and Medium Term Bearish Target 1.3000 levels again. Exporters cover EUR/USD pair above 1.33 levels. GBP: Pound is currently trading at 1.5904 levels. Weaker Final GDP q/q data yesterday kept the cable under pres-sure vs. the US Dollar. Support is seen at 1.5839 levels (21 days daily EMA) while resistance is seen at around 1.6000 levels. GBP/INR is at 81.08 levels. GBP/INR is likely to trade in the range of 80.80 - 81.40 levels today. Maintain short term Bullish and Medium term Bearish. Target 1.55 levels again. Exporters cover GBP/USD pair at current levels. AUD: AUDUSD is in under pressure today its currently trading at 1.0368 levels and touched low of 1.0339. RBA meeting is due in next week (3rd April). Support is seen at 1.0310 levels (55 days Weekly EMA) while Resistance is at around 1.0540 levels (21 days daily EMA) and next 1.0720 levels. AUDUSD importers to cover short term on dips. Short term and Medium term Bearish. Target: 1.02 and then parity. JPY: USD/JPY pushed lower after better than expected February Retail Trade data and it is currently trading at 82.65 levels. Unemployment Rate and Manufacturing PMI are due to release tommorrow. Support is seen at 82.40 (21 Days Daily EMA) while Resistance is at around 84.10 levels. Short Term maintain Bullish for the pair Target 85 levels and then 90. OIL: Crude oil is currently trading at 105.35 levels, breaching the 21 days daily EMA. Oil dropped in trade as handsome crude oil inventories were reported in the US reserves. Also, release of strategic reserves by the US and some European nations caused the above effect. Support is seen at 103.954 levels (55 days EMA in daily) while the resistance comes around 107.20 levels. Overall looking bullish at least for short term. GOLD: Gold is trading at 1661.493 levels, tanking in trade yesterday as people found more comfort in the dollar. Gold made some good early up moves this week at the mention of monetary easing by the Fed chief. If the jobs and GDP data are positive today in the US we may see some more correction in the metal. Support is seen at 1653.245 (200 days 4 daily EMA) and the resistance comes at 1689.475 levels (55 days daily EMA). Overall bear-ish target 1600 dollars. Sell on rallies. DI: The dollar index is looking to break higher as risk sentiments creep in again causin the index to trade at 79.158 currently. Also the possible slowdown of China is causing the Asian currencies to trade weaker including certain commodity currencies. Support for DI is seen at 78.395 (200 days daily EMA) while the resistance is seen at around 79.80. 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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