VIEW ON MAJOR CURRENCY
EUR/USD: EURO on Friday was trading I the range of 1.2995 lower supports and on higher side resistance was seen at 1.3085 and closing was flat to positive at 1.3035 level. Today’s opening was seen at 1.3030 level and taking the higher resistance of 1.3050 is trading at 1.3000 and expect to trade negative in the range of 1.3050 and 1.2800 for the day. We are looking at some selling pressure in Euro from higher level where it’s not expected to trade above and cross 1.3150 and is expected to test 1.2800 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 on Friday was trading in the range of 1.5480 lower side support and resistance was seen at 1.5555 level. Today the opening was seen flat around the level of 1.5225 and taking support of 1.5460 is trading at 1.5490 level and expected trading range will be 1.5550 – 1.5400. Further trading below 1.5450 will continue the down trend where 1.5400 to 1.5350 will be immediate target. On higher side immediate resistance is seen at 1.5550 and crossover above the same will move to test 1.5800 to 1.5900 again. Till the time 1.5550 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 on Friday which open at 0.9980 failed totrade below 0.9890 and after testing the higher level of 1.0025 clsoing was seen at 0.9965 level. Today after positive opening around 0.9986 it fails to cross higher resistance of 1.0000 and is trading at 0.9920 where immediate resistance is seen at 0.9950 and if trading is seen below 0.9900 will move to test 0.9840 and 0.9800 immediately. On higher side sustain trading above immediate resistance level of 0.9980 will bring to 1.0100 level. Stochastic has given negative intersection just in the mid zone where down side move can be expected.
NZD/USD: Newzeland Dollar on Friday opening at 0.7527 failed to trade below 0.7500 and after testing the higher level of 0.7650 closing was seen at 0.7600 level. Today the opening was seen positive at 0.7635 taking support of 0.7570 it is trading at 0.7595 level where on higher side resistance is seen at 0.7650 and till the time its holding the same selling at rise is expected and will test 0.7440 to 0.7350 in near term. We expected some range bound to down side move in market where 0.7500 is resistance and support is seen at 0.73500 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 77.97 after testing lower level of 77.62 where it’s trading positive and in range bound move where 78.5 was almost retested. Today opening was seen at 77.9 and is trading just above 77.65 near 77.86 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.
VIEW ON MAJOR COMMODITIES
Gold: Gold on Friday after the opening at 1605 failed to trade below1570$ and reversal in price was seen and after testing the days high of 1601$ closing was seen at 1597$ which was just below the resistance level of 1600$. Today opening was seen positive around 1602$ and is trading at 1588$ where it’s trading near the support level of 1580$ and till the time 1600$ is holding we expect it to test 1550$ and 1540$ to be tested immediately. On higher side at 1600$ where if it holding the resistance level will bring the price to move test the lower support of 1540$ on lower side and further trading below 1540$ will continue the down trend on market where 1470$ will be tested. Stochastic has entered in the oversold zone and is still moving down side where if the support level is crossed will further move lower and will indicate down trend to continue.
Silver: Silver on Friday which opened at 29.25$ tested the lower level of 29.08 where it failed to cross the lower level of 29 and reversal in price were seen where it tested the higher level of 29.89 and closing was also seen at 29.62$ just facing resistance at 30$. Today after the flat opening at 28.9$ it is trading at 28.5$ where on lower side support is taken at 28 $ and next support is coming at 26$. If sustain trading is seen below 28$ will test the lower level of 26$ to 24$ immediately, where as only crossover above 31$ on closing basis will bring to 35$ next resistance level. On higher side only on closing basis above 31$ will hamper the bearish outlook in silver where it will test 39$ on higher side. Stochastic has just neared the oversold zone around 20% and is trading flat indicating if the resistance is holding and if the price trade below 28$ will bring to next support of 24$ in near term.
Brent Crude oil: Brent Crude on Friday where the positive opening was seen at 104.23$ from the previous closing of 103.2$ after testing the fresh low of 102.4$ reversal in price were seen and closing was seen at 103.74 after testing the days high of 104.52$. Today after gap down opening at 102.87 failed to cross the higher resistance of 103 and is trading at 102.6 $ where below 102.4$ is support if broken further down side move can be expected. Crossover above 105$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 111$. If sustain trading below 102.5$ will open the door for 101 to 98$ on lower side till the time 105$ is holding for the day. Stochastic is trading flat to negative in the mid 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 the gap up opening at 7307 tested the higher resistance of 7400 and closing was seen flat around the level of 7300 where on lower side support was seen at 7260 level. Today we look side way to negative trend to continue where will test 7250 level soon and only if the resistance of 7400 break will continue the uptrend where it will test 7150 – 7450 level immediately. Today expected to give opening near to 7250 and expected trading range will be 7600 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 20% zone where further price action will bring it towards oversold zone.
Report By
xDirect India
EUR/USD: EURO on Friday was trading I the range of 1.2995 lower supports and on higher side resistance was seen at 1.3085 and closing was flat to positive at 1.3035 level. Today’s opening was seen at 1.3030 level and taking the higher resistance of 1.3050 is trading at 1.3000 and expect to trade negative in the range of 1.3050 and 1.2800 for the day. We are looking at some selling pressure in Euro from higher level where it’s not expected to trade above and cross 1.3150 and is expected to test 1.2800 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 on Friday was trading in the range of 1.5480 lower side support and resistance was seen at 1.5555 level. Today the opening was seen flat around the level of 1.5225 and taking support of 1.5460 is trading at 1.5490 level and expected trading range will be 1.5550 – 1.5400. Further trading below 1.5450 will continue the down trend where 1.5400 to 1.5350 will be immediate target. On higher side immediate resistance is seen at 1.5550 and crossover above the same will move to test 1.5800 to 1.5900 again. Till the time 1.5550 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 on Friday which open at 0.9980 failed totrade below 0.9890 and after testing the higher level of 1.0025 clsoing was seen at 0.9965 level. Today after positive opening around 0.9986 it fails to cross higher resistance of 1.0000 and is trading at 0.9920 where immediate resistance is seen at 0.9950 and if trading is seen below 0.9900 will move to test 0.9840 and 0.9800 immediately. On higher side sustain trading above immediate resistance level of 0.9980 will bring to 1.0100 level. Stochastic has given negative intersection just in the mid zone where down side move can be expected.
NZD/USD: Newzeland Dollar on Friday opening at 0.7527 failed to trade below 0.7500 and after testing the higher level of 0.7650 closing was seen at 0.7600 level. Today the opening was seen positive at 0.7635 taking support of 0.7570 it is trading at 0.7595 level where on higher side resistance is seen at 0.7650 and till the time its holding the same selling at rise is expected and will test 0.7440 to 0.7350 in near term. We expected some range bound to down side move in market where 0.7500 is resistance and support is seen at 0.73500 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 77.97 after testing lower level of 77.62 where it’s trading positive and in range bound move where 78.5 was almost retested. Today opening was seen at 77.9 and is trading just above 77.65 near 77.86 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.
VIEW ON MAJOR COMMODITIES
Gold: Gold on Friday after the opening at 1605 failed to trade below1570$ and reversal in price was seen and after testing the days high of 1601$ closing was seen at 1597$ which was just below the resistance level of 1600$. Today opening was seen positive around 1602$ and is trading at 1588$ where it’s trading near the support level of 1580$ and till the time 1600$ is holding we expect it to test 1550$ and 1540$ to be tested immediately. On higher side at 1600$ where if it holding the resistance level will bring the price to move test the lower support of 1540$ on lower side and further trading below 1540$ will continue the down trend on market where 1470$ will be tested. Stochastic has entered in the oversold zone and is still moving down side where if the support level is crossed will further move lower and will indicate down trend to continue.
Silver: Silver on Friday which opened at 29.25$ tested the lower level of 29.08 where it failed to cross the lower level of 29 and reversal in price were seen where it tested the higher level of 29.89 and closing was also seen at 29.62$ just facing resistance at 30$. Today after the flat opening at 28.9$ it is trading at 28.5$ where on lower side support is taken at 28 $ and next support is coming at 26$. If sustain trading is seen below 28$ will test the lower level of 26$ to 24$ immediately, where as only crossover above 31$ on closing basis will bring to 35$ next resistance level. On higher side only on closing basis above 31$ will hamper the bearish outlook in silver where it will test 39$ on higher side. Stochastic has just neared the oversold zone around 20% and is trading flat indicating if the resistance is holding and if the price trade below 28$ will bring to next support of 24$ in near term.
Brent Crude oil: Brent Crude on Friday where the positive opening was seen at 104.23$ from the previous closing of 103.2$ after testing the fresh low of 102.4$ reversal in price were seen and closing was seen at 103.74 after testing the days high of 104.52$. Today after gap down opening at 102.87 failed to cross the higher resistance of 103 and is trading at 102.6 $ where below 102.4$ is support if broken further down side move can be expected. Crossover above 105$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 111$. If sustain trading below 102.5$ will open the door for 101 to 98$ on lower side till the time 105$ is holding for the day. Stochastic is trading flat to negative in the mid 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 the gap up opening at 7307 tested the higher resistance of 7400 and closing was seen flat around the level of 7300 where on lower side support was seen at 7260 level. Today we look side way to negative trend to continue where will test 7250 level soon and only if the resistance of 7400 break will continue the uptrend where it will test 7150 – 7450 level immediately. Today expected to give opening near to 7250 and expected trading range will be 7600 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 20% zone where further price action will bring it towards oversold zone.
Report By
xDirect India
Sensex ends flat, Nifty below 10,100; indices up 1% for the week:16 Sep 2017
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