VIEW ON MAJOR CURRENCY
EUR/USD: EURO on Friday closing was seen at 1.3360 days low where on higher side it failed to cross the level of 1.3385 and was facing resistance at 1.3400 level. Today’s opening was seen at 1.3360 level and taking the higher resistance 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 on Friday yesterday after opening was seen at 1.5655 traded negative and tested the lower level of 1.5630 and closing was seen at days low 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 1.5645 and taking support of 1.5600 is trading at 1.5630 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.
AUD/USD: Australian Dollar on Friday closing was seen at 1.0166 where on higher side resistance was faced at 1.0200 level and on lower side support was seen at 1.0150 level. Today after flat opening around 1.0166 it fails to cross the lower support of 1.0150 and is trading at 1.0180 where immediate resistance is seen at 1.0200 and if trading is seen below 1.0150 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 on Friday after testing the lower support of 0.7635 reversals in price was seen where closing was seen at the higher level of 0.7750 levels. Today the opening was seen flat at 0.7750 and is trading negative at 0.77250 levels and trading in the range for the day where on higher side it’s not crossing 0.7780 and on lower side support is seen at days low of 0.7700 level, further trading below 0.7700 will open the door for 0.7640 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 MAJOR COMMODITIES
Gold: Gold on Friday which gave a closing near 1710$ tested the lower support of 1703$ where failed to cross the lower level of 1700$ and we have been waiting for 1680 as the support is broken. Today opening was seen flat around 1713$ and is trading at 1692$ where its trading below the support level of 1700$ and till the time 1700$ and 1705$ is holding we expect it to test 1680$ and 1660$ to be tested immediately. 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 1680 and 1660$ on lower side and further trading below 1660 will continue the down trend on market where 1625 will be tested. On lower side it is expected to move further down if support of 1600 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 on Friday where the lower support was taken at 31.3$ closing was seen near the days high of 32.3$ where it has been continuing it trading range of 33$ resistance and 31$ support., Today after the flat opening at 32.2$ it is trading at 31.57$ 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 on Friday closing was seen at 108.7$ where on lower side support was taken at 108.3$. on higher side immediate resistance is seen at 109$ and till the time this resistance is holding we expect it to trade below 108$ and will move to test 106 – 102$ on lower side. Today after gap down opening at 1044 failed to cross the higher resistance of 109 and is trading negative at days low at 108.15$ where below 108$ is support if broken further down side move can be expected. Crossover above 109$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 115$. If sustain trading below 108$ 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 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 on Friday failed to cross the lower support of 7600 and reverted from 7616 and on higher side closing was seen at 7793 just below the resistance of 7800 level and its expected trading range will be 7900 resistance and support of 7600 where either side move will further confirm the trend in market. If sustain trading is seen below 7650 on closing basis 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 on Friday closing was seen at 1.3360 days low where on higher side it failed to cross the level of 1.3385 and was facing resistance at 1.3400 level. Today’s opening was seen at 1.3360 level and taking the higher resistance 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 on Friday yesterday after opening was seen at 1.5655 traded negative and tested the lower level of 1.5630 and closing was seen at days low 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 1.5645 and taking support of 1.5600 is trading at 1.5630 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.
AUD/USD: Australian Dollar on Friday closing was seen at 1.0166 where on higher side resistance was faced at 1.0200 level and on lower side support was seen at 1.0150 level. Today after flat opening around 1.0166 it fails to cross the lower support of 1.0150 and is trading at 1.0180 where immediate resistance is seen at 1.0200 and if trading is seen below 1.0150 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 on Friday after testing the lower support of 0.7635 reversals in price was seen where closing was seen at the higher level of 0.7750 levels. Today the opening was seen flat at 0.7750 and is trading negative at 0.77250 levels and trading in the range for the day where on higher side it’s not crossing 0.7780 and on lower side support is seen at days low of 0.7700 level, further trading below 0.7700 will open the door for 0.7640 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 MAJOR COMMODITIES
Gold: Gold on Friday which gave a closing near 1710$ tested the lower support of 1703$ where failed to cross the lower level of 1700$ and we have been waiting for 1680 as the support is broken. Today opening was seen flat around 1713$ and is trading at 1692$ where its trading below the support level of 1700$ and till the time 1700$ and 1705$ is holding we expect it to test 1680$ and 1660$ to be tested immediately. 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 1680 and 1660$ on lower side and further trading below 1660 will continue the down trend on market where 1625 will be tested. On lower side it is expected to move further down if support of 1600 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 on Friday where the lower support was taken at 31.3$ closing was seen near the days high of 32.3$ where it has been continuing it trading range of 33$ resistance and 31$ support., Today after the flat opening at 32.2$ it is trading at 31.57$ 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 on Friday closing was seen at 108.7$ where on lower side support was taken at 108.3$. on higher side immediate resistance is seen at 109$ and till the time this resistance is holding we expect it to trade below 108$ and will move to test 106 – 102$ on lower side. Today after gap down opening at 1044 failed to cross the higher resistance of 109 and is trading negative at days low at 108.15$ where below 108$ is support if broken further down side move can be expected. Crossover above 109$ is must for further uptrend to continue where we wait for closing basis breakout for higher level of 115$. If sustain trading below 108$ 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 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 on Friday failed to cross the lower support of 7600 and reverted from 7616 and on higher side closing was seen at 7793 just below the resistance of 7800 level and its expected trading range will be 7900 resistance and support of 7600 where either side move will further confirm the trend in market. If sustain trading is seen below 7650 on closing basis 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
