Technical Outlook:
EUR/USD: EUR is currently trading at 1.3074 levels. Euro is trading quite firm after better US jobless claims data which boosted confidence in the markets although Moody's downgraded Slovenia's external and local-debt ratings one notch from Aa3 to A1 yesterday with a negative outlook. It must be noted that S&P has already put the ratings of 15 Euro zone coun-tries including Germany and France on review for a possible downgrade on December 5th. Support is seen at around 1.30 levels and resistance is seen at 1.3195 levels (21 days daily EMA). EUR/INR is at 68.82 levels. EUR/INR is likely to trade in the range of 68.50 and 68.95levels for today. Short Term: Bearish Medium Term Bearish Target 1.25.
GBP/USD: GBP is currently trading at 1.5663 levels. Sterling is positive vs. the US Dollar after UK's final GDP data come out better than expected yesterday. Support is seen at 1.5552 levels (55 days 4 hrly EMA) and resistance is seen at 1.5788 lev-els (100 days daily EMA). GBP/INR is at 82.62. GBP/INR is likely to trade in the range of 82.50 and 83.00 levels today. Main-tain short term Bearish and Medium Term Bearish. Next target 1.53. Overall GBP/INR may not fall much
.USD/JPY: Yen is currently trading at 78.07 levels. Strong support is seen at 77.81 levels (21 days daily EMA) while resis-tance is seen at 78.53 levels (200 days daily EMA). Outlook: Short Term slight Bullish and Medium Term: Maintain bearish for the pair. Next target 80
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AUD/USD: The commodity currency is currently trading at 1.0176 levels. The commodity currency rallied vs. the greenback amid slight risk sentiment in the global market, boosting demand for the higher yielding currency like AUD. Support is seen at 0.9813 levels (100 days weekly EMA) and resistance is seen at 1.0229 levels (200 days daily EMA). Exporters cover at current levels and importers can cover below the parity levels. Short Term: Bearish Medium Term: Bearish. Target: 0.9700
Oil: Oil is currently trading at 99.54 levels. Oil rose strongly after US economic reports yesterday indicated that growth is accelerating in the US which is world's biggest crude consumer. Support is seen at 97.50 levels (21 days daily EMA) while resistance is seen at around 100 levels. Outlook: Short term bearish and medium term bearish. Next target: 95 levels again. Look at shorts at stiff resistances for medium term.
Gold: Gold is currently trading at 1610 levels. Gold recovered slightly from yesterdays loses as demand increase due to slightly weak dollar on the board. Support is seen at around 1572.74 levels (55 days weekly EMA) and resistance is seen at 1644.28 levels (200 days daily EMA). As suggested earlier stay away from longs until we see significant corrections. Look at Initiating shorts at good resistances. Outlook stays bearish and target 1650 achieved. Next target 1500 levels. Look at shorts.
Dollar Index: DI is currently trading at 80.00 levels. The Dollar Index is trading quite firm as better than expected unem-ployment data boosted risk sentiment slightly today. Support is seen at 79.37 levels (55 days 4 hrly EMA) and resistance is seen at around 80.55 levels. Short term and Medium Term: Bullish. Next target 81 levels again
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These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on India Forex reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial mar-kets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
Source: http://www.ibtimes.com/articles/271889/20111223/forex-g7-currency.htm
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