VIEW ON MAJOR CURRENCY
EUR/USD: EURO yesterday tested the lower level of 1.3288 and after testing the same short bounce was seen and closing was seen around the level of 1.3340 level just negative from the opening level. Today’s opening was seen at 1.3401 level and taking the higher support of 1.3380 is trading at 1.3342 and expect to trade negative in the range of 1.3380 and 1.3200 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 1.3400 and is expected to test 1.3200 – 1.3050 in medium terms. Stochastic which has given a down trend is nearing the mid 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 1.5706 traded negative and tested the lower level of 1.5607 and closing was seen at 1.5620 just near the support level of 1.5600 and in past few trading session we are looking in range bounce move with multiple support of 1.5580 on closing basis. Today the opening was seen flat around the level of 1.5625 and taking support of 1.5580 is trading at 1.5602 level and expected trading range will be 1.5750 – 1.5450. Further trading below 1.5600 will continue the down trend where 1.5500 to 1.5420 will be immediate target. On higher side immediate resistance is seen at 1.5725 and crossover above the same will move to test 1.5800 to 1.5900 again. Till the time 1.5725 is holding on closing basis short correction can be expected. Stochastic which were trading in mid zone with positive intersection is nearing the higher zone where some upside may be expected.
AUS/USD: Australian Dollar in the past few trading session is trading in the range of 1.0150 supports and resistance is seen at 1.0300 where yesterday traded below the support and tested the level of 1.0080 where down side is confirm. Today after flat opening around 1.0110 it fails to cross the higher resistance of 1.0120 and is trading at 1.0090 where immediate support is seen at 1.0050 and if trading is seen below 1.0050 will move to test 0.9940 and 0.9900 immediately. On higher side sustain trading above immediate resistance level of 1.0300 will bring to 1.0500 level. Stochastic has given negative intersection just in the mid zone where down side move can be expected.
NZD/USD: Newzeland Dollar in the past few trading session is trading in the range where on lower side support which was seen at 0.7730 is broken and resistance was holding at 0.7850 level. Today the opening was seen flat at 0.7726 and is trading negative at 0.7660 level and trading in the range for the day where on higher side it’s not crossing 0.7730 and on lower side support is seen at days low of 0.7650 level, further trading below 0.7650 will open the door for 0.7610 to 0.7550 level in near term. We expected some range bound to down side move in market where 0.7850 is resistance and support is seen at 0.7630 and selling at rise is advice in near term. Stochastic has drifted below overbought zone where if price trade below support level correction may be seen of recent sharp rally.
USD/JPY: Japanese Yen yesterday closing was seen at 77.71 after testing lower level of 77.6 where it’s trading positive and in range bound move where 78.5 was almost retested. Today opening was seen at 77.72 and is trading just above 77.65 near 77.7 levels where support is seen at 77.2 on lower side. Trading range can be seen for the day where 78.3 will be higher side resistance and support is seen at 77.2 on lower side. Stochastic has given negative intersection where side way move in price can be expected.VIEW ON
VIEW ON MAJOR COMMODITIES
Gold: Gold yesterday’s which opened at 1742 and after testing the higher level of 1756 in the evening sharp reversal in prices were seen and it moved lower after the data and tested the support of 1700$ and just gave a closing near the level of 1706$. Today opening was seen flat around 1706$ and is trading at 1710$ where the resistance is seen at 1720$ and if it’s holding the resistance of 1720$ and trading below 1700$ will bring to 1680 – 1655$ on lower side. On higher side immediate resistance is seen at 1735$ where if it holding the resistance level will bring the price to move test the lower support of 1700 and 1690$ on lower side and further trading below 1690 will confirm the down trend on market where1655 will be tested. On lower side it is expected to move further down if support of 1700 is broken and will test the lower support of 1640 to 1600$ support level in medium term. Stochastic which are trading in the mid zone is trading flat with positive intersection indicates if the resistance is holding and support are broken below 1700$ will continue to profit booking.
Silver: Silver yesterday which gave a gap down opening around 32.5$ was trading in the range in the Asian market where in the US session it tested the higher level of 33.2$ just above the resistance of 33$ and sharp selloff was seen in the market where on lower side it traded and tested the level of 31.38 and closing was also seen near 31.65$ level. Today after the flat opening at 31.57$ it is trading at 31.68$ where on lower side support is taken at 31.4$ and next support is coming at 31$. If sustain trading is seen below 31.4$ will test the lower level of 31$ to 30.5$ immediately, where as only crossover above 33$ on closing basis 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 the mid zone around 40% and is trading flat indicating if the resistance is holding and if the price trade below 31$ will bring to next support of 30$ in near term.
Brent Crude oil: Brent Crude yesterday which opened at the level of 109.35$ in the evening tested the higher level of 110.6$ and reverted shapely where on lower side tested the level of 107.3$ and closing as also near the day’s low. Today after positive opening near 107.5$ is nearing the resistance of 108 and is trading flat after yesterday fall where if trading below 107 will bring further down. Crossover above 109$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 115$. If sustain trading below 107$ will open the door for 105.5 to 103$ on lower side till the time 112$ is holding for the day. Stochastic is trading flat in the mod zone where is turned negative and is expected to move towards the 25% where some more down side can be seen in the price in coming days.
Copper: Copper yesterday after flat opening at 7790 failed to cross the resistance level of 7900 and tested the lower level of 7660 and closing was also near the day’s low. If sustain trading is seen below 7650 will open the door for 7500 and 7300 level soon. Today we look side way to negative trend to continue where will test 7300 level soon and only if the resistance of 8000 break will continue the uptrend where it will test 8200 – 8550 level immediately. Today expected to give opening near to 7600 and expected trading range will be 7700 to 7300 where selling is advise on every rise till the time resistance is holding at 8000. Stochastic has turned negative and is just drifted below overbought zone where it is just below 70% zone where further price action will bring it towards oversold zone.
Report By
xDirect India
EUR/USD: EURO yesterday tested the lower level of 1.3288 and after testing the same short bounce was seen and closing was seen around the level of 1.3340 level just negative from the opening level. Today’s opening was seen at 1.3401 level and taking the higher support of 1.3380 is trading at 1.3342 and expect to trade negative in the range of 1.3380 and 1.3200 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 1.3400 and is expected to test 1.3200 – 1.3050 in medium terms. Stochastic which has given a down trend is nearing the mid 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 1.5706 traded negative and tested the lower level of 1.5607 and closing was seen at 1.5620 just near the support level of 1.5600 and in past few trading session we are looking in range bounce move with multiple support of 1.5580 on closing basis. Today the opening was seen flat around the level of 1.5625 and taking support of 1.5580 is trading at 1.5602 level and expected trading range will be 1.5750 – 1.5450. Further trading below 1.5600 will continue the down trend where 1.5500 to 1.5420 will be immediate target. On higher side immediate resistance is seen at 1.5725 and crossover above the same will move to test 1.5800 to 1.5900 again. Till the time 1.5725 is holding on closing basis short correction can be expected. Stochastic which were trading in mid zone with positive intersection is nearing the higher zone where some upside may be expected.
AUS/USD: Australian Dollar in the past few trading session is trading in the range of 1.0150 supports and resistance is seen at 1.0300 where yesterday traded below the support and tested the level of 1.0080 where down side is confirm. Today after flat opening around 1.0110 it fails to cross the higher resistance of 1.0120 and is trading at 1.0090 where immediate support is seen at 1.0050 and if trading is seen below 1.0050 will move to test 0.9940 and 0.9900 immediately. On higher side sustain trading above immediate resistance level of 1.0300 will bring to 1.0500 level. Stochastic has given negative intersection just in the mid zone where down side move can be expected.
NZD/USD: Newzeland Dollar in the past few trading session is trading in the range where on lower side support which was seen at 0.7730 is broken and resistance was holding at 0.7850 level. Today the opening was seen flat at 0.7726 and is trading negative at 0.7660 level and trading in the range for the day where on higher side it’s not crossing 0.7730 and on lower side support is seen at days low of 0.7650 level, further trading below 0.7650 will open the door for 0.7610 to 0.7550 level in near term. We expected some range bound to down side move in market where 0.7850 is resistance and support is seen at 0.7630 and selling at rise is advice in near term. Stochastic has drifted below overbought zone where if price trade below support level correction may be seen of recent sharp rally.
USD/JPY: Japanese Yen yesterday closing was seen at 77.71 after testing lower level of 77.6 where it’s trading positive and in range bound move where 78.5 was almost retested. Today opening was seen at 77.72 and is trading just above 77.65 near 77.7 levels where support is seen at 77.2 on lower side. Trading range can be seen for the day where 78.3 will be higher side resistance and support is seen at 77.2 on lower side. Stochastic has given negative intersection where side way move in price can be expected.VIEW ON
VIEW ON MAJOR COMMODITIES
Gold: Gold yesterday’s which opened at 1742 and after testing the higher level of 1756 in the evening sharp reversal in prices were seen and it moved lower after the data and tested the support of 1700$ and just gave a closing near the level of 1706$. Today opening was seen flat around 1706$ and is trading at 1710$ where the resistance is seen at 1720$ and if it’s holding the resistance of 1720$ and trading below 1700$ will bring to 1680 – 1655$ on lower side. On higher side immediate resistance is seen at 1735$ where if it holding the resistance level will bring the price to move test the lower support of 1700 and 1690$ on lower side and further trading below 1690 will confirm the down trend on market where1655 will be tested. On lower side it is expected to move further down if support of 1700 is broken and will test the lower support of 1640 to 1600$ support level in medium term. Stochastic which are trading in the mid zone is trading flat with positive intersection indicates if the resistance is holding and support are broken below 1700$ will continue to profit booking.
Silver: Silver yesterday which gave a gap down opening around 32.5$ was trading in the range in the Asian market where in the US session it tested the higher level of 33.2$ just above the resistance of 33$ and sharp selloff was seen in the market where on lower side it traded and tested the level of 31.38 and closing was also seen near 31.65$ level. Today after the flat opening at 31.57$ it is trading at 31.68$ where on lower side support is taken at 31.4$ and next support is coming at 31$. If sustain trading is seen below 31.4$ will test the lower level of 31$ to 30.5$ immediately, where as only crossover above 33$ on closing basis 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 the mid zone around 40% and is trading flat indicating if the resistance is holding and if the price trade below 31$ will bring to next support of 30$ in near term.
Brent Crude oil: Brent Crude yesterday which opened at the level of 109.35$ in the evening tested the higher level of 110.6$ and reverted shapely where on lower side tested the level of 107.3$ and closing as also near the day’s low. Today after positive opening near 107.5$ is nearing the resistance of 108 and is trading flat after yesterday fall where if trading below 107 will bring further down. Crossover above 109$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 115$. If sustain trading below 107$ will open the door for 105.5 to 103$ on lower side till the time 112$ is holding for the day. Stochastic is trading flat in the mod zone where is turned negative and is expected to move towards the 25% where some more down side can be seen in the price in coming days.
Copper: Copper yesterday after flat opening at 7790 failed to cross the resistance level of 7900 and tested the lower level of 7660 and closing was also near the day’s low. If sustain trading is seen below 7650 will open the door for 7500 and 7300 level soon. Today we look side way to negative trend to continue where will test 7300 level soon and only if the resistance of 8000 break will continue the uptrend where it will test 8200 – 8550 level immediately. Today expected to give opening near to 7600 and expected trading range will be 7700 to 7300 where selling is advise on every rise till the time resistance is holding at 8000. Stochastic has turned negative and is just drifted below overbought zone where it is just below 70% zone where further price action will bring it towards oversold zone.
Report By
xDirect India
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