India Forex`s technical outlook on currencies

India Forex has come out with its report on currencies

EUR: Euro is currently trading at 1.3233 levels. Euro is trading slightly positive after Greek Prime won parliamentary approval for the controversial austerity measures in order to secure an important international bailout. Meanwhile riots continue in Greece in protest of the measures as the austerity measures is severely biting the economic condition of the Greece citizens. Support is seen at 1.3146 levels (55 days daily EMA) and resistance is seen at 1.3312 levels (100 days daily EMA). EUR/INR is at 65.51 levels. EUR/INR is like to trade in the range of 65.40 and 65.80 levels for the week. Short Term Bullish Medium Term Bearish. Break of 1.33 on a closing weekly basis would turn the outlook bullish otherwise still in range of 1.26-1.33.

GBP: GBP is currently trading at 1.5804 levels. The cable is also trading slightly positive tracking the positive Euro as Greece was able to secure the parliament support for the controversial austerity measures. Looking ahead CPI y/y data is expected weak to-day. Support is seen at 1.5713 levels (100 days daily EMA) while resistance is seen at around 1.5807 levels (200 days daily EMA). GBP/INR is at 78.10 levels. GBP/INR is likely to trade in the range of 77.80 to 78.30 levels today. Maintain short term Bearish and Medium term Bearish. Target 1.55.

AUD: AUD: The Aussie is trading at 1.0720 levels. Support is at 1.0680 levels (55days 4hrly EMA) and next 1.0560 (21days Daily Ema), Resistance at around 1.0750 level and next 1.0840. AUD/USD was the standout underperformer on Friday trade on the back of China data and a downbeat RBA statement,

Read More