View on Major Currencies & Commodities 30th Nov, 2011

VIEW ON MAJOR CURRENCY

EUR/USD: EURO yesterday was quite volatile where during US market opening it moved from 1.3280 and tested 1.3440 and again 1.3330 level and closing was seen at 1.3315. Today’s opening was seen at 1.3330 level and taking the higher resistance of 1.3360 is trading below 1.3300 and expect to trade negative in the range of 1.3340 and 1.3220 for the day. We are looking at some selling pressure in Euro from higher level where it’s not expected to trade above to cross 1.3350 and is expected to test 1.3260 – 1.3200 in medium terms. Stochastic which has given a down trend is nearing the lower zone below 30% moving to enter oversold zone indicating further selling to continue in near term.

 GBP/USD: British Pound yesterday after opening was seen at 1.5000 failed to trade below 1.5480 and traded to test the higher level of 1.5560 and closing was just seen at 1.5610 levels. Today the opening was seen flat around the level of 1.5610 and taking resistance of 1.5650 is trading at 1.5550 level and expected trading range will be 1.5580 – 1.5460. Further trading below 1.5460 will continue the down trend where 1.5440 to 1.5420 will be immediate target. On higher side immediate resistance is seen at 1.5600 and crossover above the same will move to test 1.56500 to 1.5700 again. Till the time 1.5650 is holding on closing basis short correction can be expected. Stochastic which were trading in oversold zone has turned negative and is trading below 20% zone where some fall in price may be expected soon

AUS/USD: Australian Dollar yesterday which opened at 0.9002 levels tested the lower level support at 0.9960 and closing was seen at 0.9998 after testing the higher resistance at 1.0080 levels. Today after flat opening around 0.9999 it fails to cross the higher resistance of 1.0100 and is trading at 0.9950 where immediate support is seen at 0.9920 and if trading is seen below 0.9920 will move to test 0.9840 and 0.9650 immediately. On higher side sustain trading above immediate resistance level of 1.0100 will bring to 1.0300 level. Stochastic has given negative intersection just in the mid zone where down side move can be expected.

NZD/USD: Newzeland Dollar yesterday which opens near the lower level of 0.7550 tested the support level of 0.7500 and closing was seen at 0.7610 levels just near the resistance level. Today the opening was seen flat at 0.7610 and is trading negative at 0.7585 level and trading in the range for the day where on higher side it’s not crossing 0.7650 and on lower side support is seen at days low of 0.7550 level, further trading below 0.7550 will open the door for 0.7460 to 0.7410 level in near term. We expected some range bound to down side move in market where 0.7550 is resistance and support is seen at 0.7350 and selling at rise is advice in near term. Stochastic has reentered in oversold zone and is just hovering below 20% area where negative intersection will bring further selling.

USD/JPY: Japanese Yen yesterday closing was seen at 78.28 after testing lower level of 77.50 where it’s trading positive and in range bound move where 78.5 can be retested. Today opening was seen at 77.9 and is trading just above 77.65 near 77.95 levels where support is seen at 77.5 on lower side. Trading range can be seen for the day where 78.3 will be higher side resistance and support is seen at 77.5 on lower side. Stochastic has given positive intersection where side way move in price can be expected.

Currency pair	Pivot	S3	S2	S1	R1	R2	R3	Trend Index
EUR/USD	1.3335	1.3260	1.3285	1.3310	1.3360	1.3385	1.3415	Down
GBP/USD	1.5610	1.5540	1.5565	1.5585	1.5625	1.5650	1.5670	Down
AUD/USD	1.0044	0.9912	0.9955	1.0011	1.0090	1.0133	1.0180	Down
NZD/USD	0.7640	0.7555	0.7575	0.7610	0.7675	0.7700	0.7740	Down
USD/JPY	77.96	77.58	77.73	77.82	78.06	78.21	78.30	Sideway

VIEW ON MAJOR COMMODITIES

Gold: Gold yesterday’s opening was seen flat around 1711$ failed to trade above 1720$ and after testing the resistance level moved down and tested the days low of 1704$ where support was seen at 1700$, closing was seen near the level of 1715$. Today opening was seen positive around 1715$ and is trading at 1722$ where the resistance is seen at 1725$ and if it’s holding the resistance of 1725$ trading below 1720$ will bring to 1710 – 1700$ on lower side. On higher side immediate resistance is seen at 1725$ where if it holding the resistance level will bring the price to move test the lower support of 1665 and 1660$ on lower side and further trading below 1660 will confirm the down trend on market. On lower side it is expected to move further down if support of 1690 is broken and will test the lower support of 1640 to 1600$ support level in medium term. Stochastic has entered in oversold zone where further price movement will confirm the trend where sustain below 20% zone will bring to 10% where lower target can be tested.

Silver:  Silver yesterday after opening was seen at 32$ fails to trade above 32.2$ and tested the lower level of 31.4$ just near the 31$ support. Today after the flat opening at 31.92 $ it is trading at 31.8$ where on lower side support is taken at 31.5$ and next support is coming at 31$.  If sustain trading is seen below 31.5$ will test the lower level of 31$ to 30.5$ immediately, where as only crossover above 32$ will bring to 33$ next resistance level. On higher side only on closing basis above 35$ will hamper the bearish outlook in silver where it will test 39$ on higher side. On lower side immediate support is seen at 31$ where sustain trading below the same will bring to 30 to 28$ in near to medium term. Stochastic has just neared to the lower level below 30% nearing oversold zone where if price drift below 30$ will bring to lower level where further selling in price may be seen.

Brent Crude oil: Brent Crude yesterday after the gap down opening at 108.5$ fails to trade below 108 and tested the higher level of 111$ and closing was also seen at days high. Today after side way opening near 110.8 failed to cross 111 and is trading at 110.5$ where some more upside is expected and may test 112$ immediately. Crossover above 112$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 115$. If sustain trading below 110$ will open the door for 108.5 to 106$ on lower side till the time 112$ is holding for the day. Stochastic is trading in the mid zone is trading flat and is expected to move towards the lower zone below 10% where some more selling can be seen in the price in coming days.

Copper: Copper yesterday after flat opening at 7416 tested the lower support of 7350 and closing was also seen near 7445 level. If sustain trading is seen below 7350 will open the door for 7100 and 7000 level soon. Today we look side way to negative trend to continue where will test 7300 level soon and only if the resistance of 7500 break will continue the uptrend where it will test 7700 – 7750 level immediately. Today expected to give opening near to 7400 and expected trading range will be 7300 to 7100 where selling is advise on every rise till the time resistance is holding at 7600. Stochastic are trading near the oversold zone where some down side move can be expected in near term.

Commodity	Pivot	S3	S2	S1	R1	R2	R3	Trend Index
Gold	1713	1679	1696	1705	1722	1730	1747	Down
Silver	31.84	30.40	31.13	31.5	32.22	32.55	33.26	Down
Crude	110.5	108.3	109.4	110.03	111.15	111.60	112.70	Down
Copper	7420	7145	7283	7360	7505	7560	7697	Down

Report By               

xDirect India

Nifty & USD/INR Report 30th November, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after gap down opening below 4850 from the previous closing of 4870 failed to trade above 4885 and continued the down trend in market where on lower side it tested the level of 4785 and closing was seen at 4810. It’s nearing the resistance level of 4900 and if trading is seen above 4900 will open the door for 5000 level but till the time 4900 is holding it is expected to test 4600 again. Today as the Asian market is trading flat where Nifty is expected to open near 4780 and will move to test immediate support of 4720 and if sustain trading below 4700 will bring to 4640 and 4600 level in immediately. On lower side if sustain trading is seen below 4600 will open the door for 4450 to 4300 in medium term, whereas on higher side resistance is seen at 4900 and till the time resistance is holding we expect it to continue the down trend in market. Stochastic which has popped up above 20% zone is expected to trade flat and if only above 4900 will move in overbought zone or will reenter in lower zone if trading is seen below 4800 level.

VIEW ON RUPEE

USD/INR: Rupee yesterday after taking support of previous days low of 52.14 has given flat closing near 52.28 whereon higher side it tested the level of 52.41 level. Today opening is seen flat at 52.31 is trading at 52.40 per$ where lower side support is seen at 52.2 per$ and till the time this support holds we expect it to test 52.5 to 52.7 per$ in immediately. It is expected to be in uptrend move for 53.5$ where on lower side it’s not expected to trade below 51.8 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52.5 will spark the higher target of 52.8 per$ to 53 per$ in near term. Stochastic are trading just drifted below overbought zone with negative intersection where is trading flat where range bound to down side move is expected.

REPORT BY 
xDirect India

Nifty & USD/INR Report 29th November, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after gap up opening above 4780 from the previous closing of 4705 continued the uptrend in market where on higher side it tested the level of 4871 and closing was on days high. It’s nearing the resistance level of 4900 and if trading is seen above 4900 will open the door for 5000 level but till the time 4900 is holding it is expected to test 4600 again. Today as the Asian market is trading flat where Nifty is expected to open near 4855 and will move to test immediate support of 4800 and if sustain trading below 4800 will bring to 4720 and 4600 level in immediately. On lower side if sustain trading is seen below 4700 will open the door for 4600 to 4300 in medium term, whereas on higher side resistance is seen at 4850 and till the time resistance is holding we expect it to continue the down trend in market. Stochastic which has popped up above 20% zone is expected to trade flat and if only above 4900 will move in overbought zone or will reenter in lower zone if trading is seen below 4800 level.

VIEW ON RUPEE

USD/INR: Rupee is trading in the rang in the past few trading session where on lower side it taking support of 52.1 and on higher side not able to cross the level of 52.40per$. yesterday after the opening at 52.40 failed to trade above 52.5 and after testing the level of 52.12 closing was seen at 52.24 per$. Today opening is seen at 52.31 with gap up opening and is trading at 52.22 per$ where lower side support is seen at 52 per$ and till the time this support holds we expect it to test 52.5 to 52.7 per$ in near term. It is expected and will be in uptrend move for 53.5$ where on lower side it’s not expected to trade below 51.8 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52.5 will spark the higher target of 52.8 per$ to 53 per$ immediately. Stochastic are trading just drifted below overbought zone with negative intersection where is trading flat where range bounce move is expected.

Report By
xDirect India

Nifty & USD/INR Report 28th November, 2011

VIEW ON NIFTY

Nifty: Nifty on Friday gave a closing at 4705 just above the support level of 4700 on closing basis indicating still the support is holding and short bounce may be expected where on higher side resistance is expected at 4850 level. Its nearing the lower support level of 4700 and if sustain trading is seen below 4700 will open the door for 4300 level. This will be the 2 yrs low which the market will look after august 2009 where 4350 was tested. Today as the Asian market is trading positive where Nifty is expected to open near 4770 and will move to test immediate resistance of 4820 and if sustain trading above 4850 will bring to 4950 and 5000 level in immediately. On lower side if sustain trading is seen below 4700 will open the door for 4600 to 4300 in near term, whereas on higher side resistance is seen at 4850 and till the time resistance is holding we expect it to continue the down trend in market. Stochastic which were in down trend just below 20% zone where further down side move expected in near to medium term time frame.

VIEW ON RUPEE

USD/INR: Rupee which is in uptrend is trading in the range in the past few trading session and is getting selling pressure after near the resistance level at 52.60 and yesterday’s closing was seen at 52.09 per$. Today opening is seen at 52.26 with gap down opening and is trading at 52.10 per$ where lower side support is seen at 52 per$ and till the time this support holds we expect it to test 52.5 to 52.7 per$ in near term. It is expected and will be in uptrend move for 53.5$ where on lower side it’s not expected to trade below 51.8 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52.5 will spark the higher target of 52.8 per$ to 53 per$ immediately. Stochastic are trading just drifted below overbought zone with negative intersection where is trading flat where range bounce move is expected.

Report By
XTB INDIA

Nifty & USD/INR Report 25th November, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after the gap up opening at 4713 taking support of 4650 level and reverted from the lower level where at the end of the trading session some uptrend was seen where closing was seen at 4774 with the days high was posted at 4796 level. Its nearing the lower support level of 4700 and if sustain trading is seen below 4700 will open the door for 4300 level. This will be the 2 yrs low which the market will look after august 2009 where 4350 was tested. Today as the Asian market is trading negative where Nifty is expected to open below 4730 and will move to test immediate support of 4700 and if sustain trading below 4700 will bring to 4640 and 4610 level in immediately. On lower side if sustain trading is seen below 4600 will open the door for 4500 to 4300 in near term, whereas on higher side resistance is seen at 4800 and till the time resistance is holding we expect it to continue the down trend in market. Stochastic which were in down trend just below 20% zone where further down side move expected in near to medium term time frame.

VIEW ON RUPEE

USD/INR:  Rupee which is in uptrend is trading in the range in the past few trading session and is getting selling pressure after the gap up opening where resistance is seen at 52.60 and yesterdays closing was seen at 52.115 per$. Today opening is seen at 52.26 with gap up opening and is trading at 52.23 per$ where lower side support is seen at 52 per$ and till the time this support holds we expect it to test 52.5 to 52.7 per$ in near term. It is expected and will be in uptrend move for 53.5$ where on lower side it’s not expected to trade below 51.8 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52.5 will spark the higher target of 52.8 per$ to 53 per$ immediately. Stochastic are trading just near overbought zone with positive intersection where some rise in price is expected.

Report By:

xDirect India

View on Major Currencies & Commodities 24th Nov, 2011

VIEW ON MAJOR CURRENCY

EUR/USD: EURO yesterday which opened at 1.3516 level failed to cross the higher resistance level of 1.3550 and moved towards the lower support level of 1.3440 and further trading below the same was seen and it tested the level of 1.3320 on lower side where closing was seen at 1.3345 level. Today’s opening was seen at 1.3344 level and taking the lower support of 1.3320 is trading positive giving short bounce in market where its trading at 1.3370 and expect to trade in the range of 1.3415 and 1.3330 for the day. We are looking at some selling pressure in Euro from higher level where it’s not expected to trade above to cross 1.3450 and is expected to test 1.3350 – 1.3200 in medium terms. Stochastic which has given a down trend is nearing the lower zone below 30% moving to enter oversold zone indicating further selling to continue in near term.

 GBP/USD: British Pound yesterday after open at1.5640 level failed to move up and selling continued throughout the day where lower level was tested at 1.5490 and closing was seen at 1.5525 levels where 1.5480 was the support taken. Today the opening was seen flat around the level of 1.5525 and taking support of 1.5500 is trading at 1.5550 level and expected trading range will be 1.5600 – 1.5480. Further trading below 1.5525 will continue the down trend where 1.5480 to 1.5440 will be immediate target. On higher side immediate resistance is seen at 1.5570 and crossover above the same will move to test 1.5640 to 1.57000 again. Till the time 1.5700 is holding on closing basis short correction can be expected. Stochastic which were trading in oversold zone has turned negative and is trading below 20% zone where some fall in price may be expected soon

AUS/USD: Australian Dollar yesterday after the flat opening at 0.9835 failed to trade above 0.9850 level and after trading below the support of 0.9800 tested the days low of 0.9650 where support was tested at 0.9650 and closing was seen at lower level at 0.9685 level. Today after flat opening around 0.9685 it fails to cross the lower support of 0.9650 and is trading at 0.9725 where immediate resistance is seen at 0.9780 and if trading is seen below 0.9520 will move to test 0.9480 and 0.9420 in near term. On higher side sustain trading above immediate resistance level of 0.9780 will bring to 0.9860 level. Stochastic has given negative intersection just below over sold zone where down side move can be expected.

NZD/USD:  Newzeland Dollar yesterday opening was seen at 0.7470 level and tested days high of 0.7502 but later part of the session it failed to higher level and tested lower level of 0.7280 and closing was also seen near days low at 0.7395 level. Today the opening was seen at 0.7396 and is trading positive at 0.7430 level and trading in the range for the day where on higher side its not crossing 0.7460 and on lower side support is seen at days low of 0.7380 level, further trading below 0.7400 will open the door for 0.7380 to 0.7320 level in near term. We expected some range bound to down side move in market where 0.7500 is resistance and support is seen at 0.7450 and selling at rise is advice in near term. Stochastic has reentered in oversold zone and is just hovering below 20% area where negative intersection will bring further selling.

USD/JPY:  Japanese Yen yesterday closing was seen at 77.28 after testing higher level of 77.6 where it’s trading positive and in range bound move where 77.5 can be retested. Today opening was seen at 77.3 and is trading just above 77 near 77.11 level where support is seen at 76.95 on lower side. Trading range can be seen for the day where 77.2 will be higher side resistance and support is seen at 76.8 on lower side. Stochastic has given positive intersection where side way move in price can be expected.

Currency pair	Pivot	S3	S2	S1	R1	R2	R3	Trend Index
EUR/USD	1.3360	1.3308	1.3320	1.3345	1.3380	1.3395	1.3415	Down
GBP/USD	1.5535	1.5480	1.5500	1.5525	1.5565	1.5570	1.5590	Down
AUD/USD	0.9740	0.9695	0.9715	0.9725	0.9750	0.9760	0.9770	Down
NZD/USD	0.7435	0.7400	0.7420	0.7425	0.7740	0.7750	0.7760	Down
USD/JPY	77.15	76.56	76.8	76.92	77.3	77.51	77.65	Sideway

VIEW ON MAJOR COMMODITIES
Gold: Gold yesterday where the opening was seen flat around 1700$ failed to trade above 1710$ and after testing the resistance level moved down and tested the days low of 1677$ where support was seen at 1675$, closing was seen near the level of 1691$. Today opening was seen flat around 1691$ and is trading in the range of 1695 $ resistance and support is seen at 1685$ and either side move will further confirm the trend in market. On higher side immediate resistance is seen at 1710$ where if it holding the resistance level will bring the price to move test the lower support of 1665 and 1660$ on lower side and further trading below 1660 will confirm the down trend on market. On lower side it is expected to move further down if support of 1690 is broken and will test the lower support of 1640 to 1600$ support level in medium term. Stochastic has entered in oversold zone where further price movement will confirm the trend where sustain below 20% zone will bring to 10% where lower target can be tested.


Silver: Silver in the past few trading session is trading in the wide range with lower top and lower bottom formation where on lower side recent low was posted at 30.57$ and closing was seen at 31.68$ where on higher side resistance is seen at 33$ level. Today after sideway opening at 31.7$ it is trading at 31.78$ where if sustain trading is seen below 31.5$ will test the lower level of 31$ to 30.5$ immediately, where as only crossover above 33$ will bring to 35$ next resistance level. On higher side only on closing basis above 35$ will hamper the bearish outlook in silver where it will test 39$ on higher side. On lower side immediate support is seen at 31$ where sustain trading below the same will bring to 30 to 28$ in near to medium term. Stochastic has just neared to the lower level below 30% nearing oversold zone where if price drift below 30$ will bring to lower level where further selling in price may be seen.

Brent Crude oil: Brent Crude on yesterday after opening at 108.35$ failed to trade above 109$ and tested the lower level of 106.8$ where closing was seen above 107$ at 107.1$. Today after positive opening near 107.33 failed to cross 107 and is trading at 107.38$ where some more upside is expected and may test 108$ immediately. Crossover above 110$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 117$. If sustain trading below 107$ will open the door for 106 to 102$ on lower side till the time 109$ is holding for the day. Stochastic has drifted below 20% zone is trading flat and is expected to move towards the lower zone below 10% where some more selling can be seen in the price in coming days.

Copper:  Copper yesterday after gap down opening at 7265 tested the lower support of 7110 and closing was also seen near the days low at 7218 level. If sustain trading is seen below 7200 will open the door for 7000 and 6800 level soon. Today we look side way to negative trend to continue where will test 7100 level soon and only if the resistance of 7400 break will continue the uptrend where it will test 7700 – 7750 level immediately. Today expected to give opening near to 7200 and expected trading range will be 7300 to 7100 where selling is advise on every rise till the time resistance is holding at 7600. Stochastic are trading near the oversold zone where some down side move can be expected in near term.

Commodity	Pivot	S3	S2	S1	R1	R2	R3	Trend Index
Gold	1692	1676	1684	1689	1697	1700	1708	Down
Silver	31.74	30.85	31.3	31.6	32.05	32.2	32.65	Down
Crude	107.5	106.77	107.13	107.3	107.67	107.85	108.2	Down
Copper	7200	7040	7120	7170	7250	7280	7360	Down

Report by:
xDirect India

Nifty Medium Term Outlook- 23rd november, 2011

View On Nifty:

Support: 4400 – 4585 - 4660 Pivot: 4777 Resistance: 4850 - 4965 - 5160

Nifty: The head-and-shoulders pattern is one of the most popular and reliable chart patterns in technical analysis. And as one might imagine from the name, the pattern looks like a head with two shoulders. Head and shoulders is a reversal pattern that, when formed, signals the security is likely to move against the previous trend. There are two versions of the head-and-shoulders pattern. The head-and-shoulders top is a signal that a security's price is set to fall, once the pattern is complete, and is usually formed at the peak of an upward trend. The second version, the head-and-shoulders bottom (also known as inverse head and shoulders), signals that a security's price is set to rise and usually forms during a downward trend. Looking at the chart of Nifty it has started its rally from 2525 and after testing the higher level of 5300 short correction was seen forming the left shoulder and tested the support of 4700 level. There after the rise which was seen crossed the higher level of 5300 and move further upside where 6330 were tested. There after reversal for the higher level again it has taken support at 4730 level and formed a neck line where shot bounce which was expected has been seen and tested the higher level of 5400 level. Further we are looking the formation of the Right Shoulder where short term top is expected to be posted and will move to test the Neck Line which comes at 4730 level and once this support of 4730 and sustain trading below 4700 will confirm the down trend where its next down side target will be the previous bottom of 2600 around. If we look at the Fibonacci Expansion of point a-b from point c which comes to 3700 which is 161.8% and 2660 comes to 261.8% level will be the immediate target where it may get halt for some time before the next round of selling which may be seen after short bounce. We are on the over view where the lower side bottom may be seen at 2600 with + - of 200 points. Stochastic are trading in mid zone and is moving towards the lower level and is expected to sustain in oversold zone where further fall in price may be expected.

Report By:-
xDirect India

Nifty Looking to test Double Bottom at 2600 level

If we look nifty from the lower level of 1000 level in 2003 if has perfectly formed Elliot wave Pattern and tested the higher level of 6300 and after the same corrective pattern a-b-c has tested the lower level of 2600 where spike low was seen till 2200 which was 23.6% retracement of the full rise from 1000 to 6300 .

After the fall sharp rise was seen till 6300 making double top formation and reverted, trading near the support level of 4700 and further trading below 4700 will move and test the level of 3400 and 2600 once again making double bottom formation.

This will also make a long term Bull Flag pattern where this fall which will test 2600 will be D wave completion and again will move upside in form of wave E. Pole of the Flag will be from 1000 to 6300 which is 5300 points and crossover above 6300 will bring to 11600 in long run. 


By xDirect India

Rupee Short Term Outlook- 15th November, 2011

Rupee:
Support: 47.40 – 49 – 50
Pivot: 50.60
Resistance: 51.60 – 52.20 – 53.80

Rupee: A Flag (Bullish) follows a steep or nearly vertical rise in price, and consists of two parallel trend lines that form a rectangular flag shape. The Flag can be horizontal (as though the wind is blowing it), however it often has a slight downtrend. The vertical uptrend, that precedes a Flag, may occur because of buyers' reactions  to a favorable company earnings announcement, or a new product launch. The sharp price increase is  sometimes referred to as the "flagpole" or "mast". Flags are very similar to Pennants. However, with a Flag, the  price trend lines tend to run parallel, whereas with a Pennant, the price trend lines tend to converge. A bullish  signal occurs when the price rebounds beyond the upper trend line of the Flag formation, and continues the  original upward price movement. This is considered a pattern confirmation.    
 

Looking at the chart of Rupee has started its rally from 44.80Per$ and after testing the higher level of 50.5 per$ it has been in the consolidation phase where on lower side it was taking support at 48.98 and 48.86 per$ just below 49 per$ and reversal in prices were seen from lower level. On higher side it was facing  resistance at 50.5 per$ to 50.6 per$ and selling was seen from higher level. Recently it’s showing sign of give  positive Breakout above 50.65 per$ indicating breakout of the Bull Flag pattern. Pole of the Flag started from  44.8 per$ to 50.5 per$ where the difference comes to 5.7 where if we look at breakout above 50.65 per$ expected  target comes to 56.35 per$ in medium term. On the way up we might look at some resistance at level of 52 per$  and above 52 small resistance can also be seen at 53.5 per$ and 55 per$ where some intervention can be  expected from RBI side which might halt the Rupee for short term.

Report By
xDirect India

Copper Lime Short Term outlook 11th November, 2011

Copper:
Support:  6350 - 6950 - 7250
Pivot: 7560
Resistance: 7850 - 8150 - 8750

Copper: The head-and-shoulder pattern is one of the most popular and reliable chart patterns in technical analysis. And as one might imagine from the name, the pattern, looks like a head with two shoulders. Head and shoulders is a reversal pattern that, when formed, signal the security is likely to move against the previous trend. There are two versions of the head-and-shoulders pattern. The head-and-shoulders top is a signal that a security’s price is set to fall, once the pattern is complete, and is usually formed at the peak of an upward trend. The second version, the head-and-shoulders bottom (also known as inverted head-and-shoulders), signals that a security’s price is set to rise and usually forms during a downward trend.

Looking at the chart of Copper it has started its rally from 2800 ad after testing the higher level of 7950 short correction was seen forming the left shoulder and tested the support of 6000 level. There after the rise which was seen crossed the higher level of 7950 and move further upside where 10150 were tested. There after reversal for the higher level again it has taken support at 6610 level and formed a neck line where short bounce which was expected has been seen and tested at the higher level of 8150 level. Further we are looking the formation of the Right Shoulder where the short term top is expected to be posted and will move to test the Neck Line which comes at 6650 level and once this support of 6650 and sustain trading below 6600 will confirm the down trend. Where it’s next down side target will the previous bottom of 2800 around. If we look at the Fibonacci Expansion of point a-b from point c which comes to 5400 which is 100% and 4850 comes to 121% level will be immediate target where it may get halt for some time before the next round of selling which may be seen after short bounce. We are on the overview where the lower side bottom maybe seen at 4850 level and after testing the same further trend will be clear rather it will move to test 2800 or price may revert from the lower level of 5400 or 4850 level around.

Report by -
xDirect India

Euro Short Term Outlook - 9th Novemebr, 2011

Euro:
 

Support:1.3200-1.3450-1.3550  Pivot:1.3700

Resistance:1.3800-1.3950-1.4200

A Pennant(Bearish) is considered a bearish signal indicating that the current downtrend may continue. A Pennant (Bearish) follows a steep or nearly vertical fall in price, and consists of two converging trend lines that form a narrow, tapering flag shape. The Pennant shape generally appears as a horizontal shape, rather than one with a downtrend or uptrend. Apart from its shape, the Pennant is similar in all respects to the Flag. The Pennant is typically shorter in duration & flies horizontally.

Looking at the chart, Euro after the fall from higher level of 1.4250 has tested the level of 1.3600 and after the fall has been in the consolidation phase and was showing higher bottom formation and was facing good resistance at 1.3850 level where selling was seen at higher level.  Closing basis was not above to holding the level above 1.3800 and selling pressure was seen at higher level. On lower side support was seen at 1.3700 which was the rising trend line ad today it has convincingly broken the same and is expected to move further down side. The highest of the Pole is 650 Pips and crossover below 1.3700 brings the lower target of 1.3200 to 1.300 levels. This is near the previous bottom what we have seen around September, 2011.

Report By -
xDirect India