VIEW ON MAJOR CURRENCY
EUR/USD: EURO yesterday after the opening at 1.3035 failed to trade above 1.3050 and on lower side it tested the level of 1.2982 where 1.2980 was the support taken and closing was also seen near the days low at 1.2995 level. Today’s opening was seen at 1.2996 level and taking the higher resistance of 1.3030 is trading at 1.3010 and expect to trade negative in the range of 1.3050 and 1.2900 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 1.3050 and is expected to test 1.2850 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 the opening at 1.5523 was trading in the range where on higher side resistance was seen at 1.5541 and on lower side support was seen at 1.5466 level where closing was seen negative 1.5495 level. Today the opening was seen flat around the level of 1.5496 and taking support of 1.5480 is trading at 1.5540 level and expected trading range will be 1.5580 – 1.5450. 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 1.5580 and crossover above the same will move to test 1.5650 to 1.5750 again. Till the time 1.5580 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.
AUD/USD: Australian Dollar yesterday after the opening was seen at 0.9920 failed to trade positive and tested the lower level of 0.9880 and closing was also seen near the lower level of 0.9894 level. Today after positive opening around 0.9893 it fails to cross higher resistance of 1.0000 and is trading at 0.9940 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 yesterday after the opening at 0.7634 traded negative and tested the lower level of 0.7940 and closing was also seen negative at 0.7548 levels. Today the opening was seen sideway at 0.7549 taking support of 0.7500 it is trading at 0.7585 levels 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 0.7350 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 yesterday was trading in the tight range where on higher side it failed to sustain above 1608$ where 1610$ was the resistance and on lower side it took a support of 1583 where 1580 was support level. Today opening was seen positive around 1593$ and is trading at 1598$ where it’s trading near the resistance level of 1605$ and till the time 1605$ is holding we expect it to test 1580$ and 1540$ to be tested immediately. In short term time frame some range bound move is expected where 1620$ is resistance and 1570 will be the support level. On higher side at 1605$ is crossed will bring to 1620$, where as if its holding the resistance level will bring the price to move test the lower support of 1540$ on lower side and further trading below 1540$ will continue the down trend on market where 1470$ will be tested. Stochastic has just popped out above the overbought zone where short room is getting generating before the next down side move which is expected if sustain trading below 1580 on closing basis.
Silver: Silver yesterday after positive opening at 29.72 failed to cross the higher resistance of 30$ and tested the lower level of 28.66 where closing was seen at days low of 28.74 level. Today after the opening at 28.75 it has taken the previous days low as support of 28.66 and is trading at 28.98 $ where immediate resistance is seen at 29$ and if fails to cross the higher resistance and sustain trading below 28.8 will bring to 28 $ in near term, where as further trading below 28 will bring to 26 – 24 in near to medium term. 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 yesterday after the opening was seen at 102.8 has taken support @ 102.2 and reversal was seen in the price where on higher side it tested the level of 104.55 level and closing was seen at 103.45 level. Today after he opening was seen gap up around the level of 104.1 tested the level of 104.44 failing to cross the previous days high and is trading around the level of 103.9 days low where its expected to trade and over to test 103.2 and 102.5 immediately, further trading below 102.5 will being to 100.5 and 98 in near term. 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 15% where some more down side can be seen in the price in coming days.
Copper: Copper after the gap down opening at 7230 was trading in the range where on lower side support was seen at 7200 and on higher side resistance was seen at 7300 where closing was flat at 7250 level. Today we look side way to negative trend to continue where will test 7200 level soon and only if the resistance of 7400 break will continue the uptrend where it will test 7150 – 7050 level immediately. Stochastic has turned negative and is just drifted below oversold 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 yesterday after the opening at 1.3035 failed to trade above 1.3050 and on lower side it tested the level of 1.2982 where 1.2980 was the support taken and closing was also seen near the days low at 1.2995 level. Today’s opening was seen at 1.2996 level and taking the higher resistance of 1.3030 is trading at 1.3010 and expect to trade negative in the range of 1.3050 and 1.2900 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 1.3050 and is expected to test 1.2850 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 the opening at 1.5523 was trading in the range where on higher side resistance was seen at 1.5541 and on lower side support was seen at 1.5466 level where closing was seen negative 1.5495 level. Today the opening was seen flat around the level of 1.5496 and taking support of 1.5480 is trading at 1.5540 level and expected trading range will be 1.5580 – 1.5450. 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 1.5580 and crossover above the same will move to test 1.5650 to 1.5750 again. Till the time 1.5580 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.
AUD/USD: Australian Dollar yesterday after the opening was seen at 0.9920 failed to trade positive and tested the lower level of 0.9880 and closing was also seen near the lower level of 0.9894 level. Today after positive opening around 0.9893 it fails to cross higher resistance of 1.0000 and is trading at 0.9940 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 yesterday after the opening at 0.7634 traded negative and tested the lower level of 0.7940 and closing was also seen negative at 0.7548 levels. Today the opening was seen sideway at 0.7549 taking support of 0.7500 it is trading at 0.7585 levels 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 0.7350 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 yesterday was trading in the tight range where on higher side it failed to sustain above 1608$ where 1610$ was the resistance and on lower side it took a support of 1583 where 1580 was support level. Today opening was seen positive around 1593$ and is trading at 1598$ where it’s trading near the resistance level of 1605$ and till the time 1605$ is holding we expect it to test 1580$ and 1540$ to be tested immediately. In short term time frame some range bound move is expected where 1620$ is resistance and 1570 will be the support level. On higher side at 1605$ is crossed will bring to 1620$, where as if its holding the resistance level will bring the price to move test the lower support of 1540$ on lower side and further trading below 1540$ will continue the down trend on market where 1470$ will be tested. Stochastic has just popped out above the overbought zone where short room is getting generating before the next down side move which is expected if sustain trading below 1580 on closing basis.
Silver: Silver yesterday after positive opening at 29.72 failed to cross the higher resistance of 30$ and tested the lower level of 28.66 where closing was seen at days low of 28.74 level. Today after the opening at 28.75 it has taken the previous days low as support of 28.66 and is trading at 28.98 $ where immediate resistance is seen at 29$ and if fails to cross the higher resistance and sustain trading below 28.8 will bring to 28 $ in near term, where as further trading below 28 will bring to 26 – 24 in near to medium term. 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 yesterday after the opening was seen at 102.8 has taken support @ 102.2 and reversal was seen in the price where on higher side it tested the level of 104.55 level and closing was seen at 103.45 level. Today after he opening was seen gap up around the level of 104.1 tested the level of 104.44 failing to cross the previous days high and is trading around the level of 103.9 days low where its expected to trade and over to test 103.2 and 102.5 immediately, further trading below 102.5 will being to 100.5 and 98 in near term. 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 15% where some more down side can be seen in the price in coming days.
Copper: Copper after the gap down opening at 7230 was trading in the range where on lower side support was seen at 7200 and on higher side resistance was seen at 7300 where closing was flat at 7250 level. Today we look side way to negative trend to continue where will test 7200 level soon and only if the resistance of 7400 break will continue the uptrend where it will test 7150 – 7050 level immediately. Stochastic has turned negative and is just drifted below oversold zone where it is just below 20% zone where further price action will bring it towards oversold zone.
Report By
xDirect India
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