The pair seems to be trading in the 0.9325-00 range since yesterday. The bigger trend remains bearish but the immediately it can move further towards 0.9350-400 before it starts moving lower again. Immediate dips are expected to find support near 0.9300 which now hold the key for the pair to move up from here, if 0.9300 is broken then bears will again gain control of the situation. Dollar-Index (80.38) is also lifelessly trading in the 80.47-30 range from yesterday it can rise to 80.55-60 which is likely to further weaken the Euro. Euro (1.2922) is also trading flat in its 1.2950-00 and a break below 1.2900-890 can make it bearish for a further fall to 1.2870-40-20.
USD 10K Long at 0.9290, TSL 0.9295 (up from 0.9265), TP 0.9360 (Down from 0.9370)
|GBP-USD @ 1.5993/96...Mixed|
|R: 1.6050 / 1.6080 / 1.6160|
S: 1.5990-85 / 1.5910 /
Cable continues to look mixed on the daily and the weekly charts. A firm move above 1.6050 will make it bullish and a break below 1.5990 is expected to make it bearish for a further fall towards 1.5910. Even the short term charts are mixed as it is trading in the 1.6060-590 range from Friday. The Candles on the daily charts are hinting for a down side break but we would avoid to trade the pair as of now. Cable currently seems to have good correlation with the Euro recently
|AUD-USD @ 1.0445/48...Mixed|
|R: 1.0500 / 1.0570 / 1.0620|
S: 1.0440-30 / 1.0400-380 / 1.0280
Aussie also seems mixed as it is trading in the 1.0480-280 range from early November. It faced resistance on the attempt to break 1.0480 on the upside and is coming down within this range. The bigger 1.0620-150 range is also holding on the weekly charts and Aussie in the middle of this broad range. As such we would avoid to trade right now. The short term charts also do not seem to give any particular trade idea. On dips Aussie is finding good support at 1.0430-00 levels and unless these are broken if would be difficult to take short positions as the broader 1.0150-620 range would be in play. Having said that if the upper end of the range is seen near 1.0570 levels we would be looking to sell the pair.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service