India Forex Advisors Market Commentary 09-Feb-2010
Euro : Euro
is currently trading at 1.3701 levels. Upside correction is expected till
1.3750. Do not initiate longs until we see 2 higher consequtive closings.
Initiate shorts near 1.3750 levels with stoploss above 1.3800. Range for the
day could be 1.3750 to 1.3480. (EURUSD - 1.3701) Bearish
Yen : The
JPY is holding strong and expected to be stronger targeting 88.40 levels and
even lower due to increased risk aversion. Only a break of 93.00 levels would
change the bias of the Yen. (USDJPY- 89.39) Bullish.
Aud : AUDUSD is
currently trading at 0.8695 levels. Staying below .8800 continously could only
move the pair to .8450 levels. (AUDUSD - 0.8695) Neutral.
Gold : Gold tested the
highs of $1074.3 levels (near our target of $1075 levels) from where it was
pushed down to $1066 levels. Sideways trading is expected in gold due to some
gains expected to be seen in other currencies. Resistance of $1070- $1075
levels looks good where selling can be expected for near term gains. (Gold-$1068)
Neutral.
Dollar Index: Dollar index is consistently holding above 80 levels and some
consolidation is expected around these levels until $80.68 levels are held on
higher side. Euro which constitutes the maximum chunk of DI tested the lows of
1.3584 levels on Friday evening, however has corrected till 1.3700 levels.
Overall dollar looks to be strong in short-term.(DI -80.17). Short-term Bullish.
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DISCLAIMER:
These
views/ forecasts/ suggestions, though preferred with the best of intentions,
are based on India Forex Advisors 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.
