Rupee recoverd 30 paise

Rupee recovered 30 paise from Thursday's fall as sentiment for the rupee got a boost after the government relaxed norms on external commercial borrowings by companies. The dollar headed for a second monthly advance as rising stocks and declining crude oil brightened the outlook for the U.S. economy, the world's biggest oil importer.
technical view for the day(30.05.2008)
Rupee is expected to trade in the range of 42.42-42.75 levels. With good support seen at 42.38 levels. Break of which will see 42.30.Key resistance for the currency is seen at 42.80 levels. Currency is expected to be on a mixed note for the day . currency is also seen trading below the fast moving average .Stochastic is also indicating a downtrend and currency is seen testing the lower Bollinger in Band analysis giving the possibility of consolidation .

euro on mixed note

The Euro was poised for its second straight monthly advance versus the yen on speculation the 15 countries that share the currency are strong enough to withstand a slowdown in the U.S., allowing the European Central Bank to keep interest rates on hold to fight inflation.

technical view for the day(30.05.2008)
EURO chart pattern indicates the currency to be on mixed note for the day. currency is expected to trade in range between 1.5450-1.5620 levels for the day. support level for the currency is expected at 1.5430 levels and holds resistance at 1.5640 levels. currency is trading below the fast moving average and stochastic is also supporting the view.

yen fell............

The yen fell , favorites of so-called carry trades, as a rally in stocks encouraged investors to boost holdings of higher-yielding assets funded in Japan's currency.
technical for the day(30.05.2008)

YEN chart pattern indicates the currency to be on bearish for the day. With the trading range is expected between 104.25-105.30 levels. currency lends its support at 104.20 levels and holds resistance at 105.40 levels. stochastic is trending downwards but a caution is given by momentum. Currency is trending after testing the upper Bollingers.

sterling fell

The Sterling was sold heavily into the European session on the back of woeful Nationwide house prices which fell and recovery came on the back of stronger CBI Distributive trades realized coming in at -14 vs -25 forecasted.

technical view for the day(30.05.2008)

Pound is expected to trade sideways for the day. Currency has its support at 1.9710 levels and resistance is seen at 1.9820 levels. Trading range is expected between 1.9720-1.9805 levels. stochastic is at overbought levels and Momentum supports the bearish trend but an element of caution is required as it is trading on the moving average.

Australian dollar for weekly drop

The Australian dollars are set for a weekly drop on signs growth is slowing as prices of the commodities the two nations export declined.

technical view day for the day

Aussie chart pattern indicates the currency to be on bullish note for the day. support for the day is seen at 0.9490 levels and holds resistance at 0.9600 levels. Trading range is expected between 1.9510-1.9580 levels for the day. stochastic is supporting the bull run which is also supported. Relative Market strength index.

AUD seen trading in green

The Australian Dollar did well to hold its own in the face of USD strength and gold sell off. Looking ahead for the Construction work which is expected to come in at 2.3%.

Tech View:
Aussie is expected to be on a mixed note for the day with the trading range of 0.9550-0.9640. currency has its support at 0.9540 levels and holds a key resistance at 0.9650 levels .Aussie is trading between the fast and slow moving average only crossovers can give confirmation on the trend. Both Stochastic and RSI are hinting towards the possiblity of bullish note.

Euro hurt by commodity sell off and sterling tracking euro

The Euro was hurt from the commodity sell off and decline in oil prices , easing concern that record fuel costs will slow the U.S. Economy .Poor German consumer confidence also was responsible for the slide. But the German GDP was confirmed at 1.5% as anticipated. Looking ahead for the European Current Account data.

Tech View:
EURO is expected to give a range bound movement for the day with a trading range of 1.5650-1.5750.With good support seen at 1.5620 and key resistance for the currency is seen at 1.5770 levels. Momentum is seen trending down and stochastic is also supporting the downside move. Chart pattern shows doji formation remaining indecisive about the trend.

Pound is expected to trade in the range of 1.9670-1.9810.With good support seen at 1.9650 and key resistance is seen at 1.9820 levels. Chart pattern indicates the currency to give a small downside correction for the day .Stochastic and Relative Market strength index are trending down .Currency is seen trading between the fast and slow moving averages hinting a mixed note.

Rupee recovered from losses.-May 28

Rupee recovered from losses against U.S. dollar as banks sold the greenback following a sharp overnight retreat in crude oil prices. However the Indian unit could face tough resistance around 42.80 as oil companies may step up demand for dollar to meet their month-end requirements.

Technical view:
Rupee is expected to trade in the range of 42.72-42.96.With good support seen at 42.62 levels. Key resistance for the currency is seen at 43.06 levels. Currency is expected to be on a mixed note for the day. Stochastic and Relative Market Strength are seen flat and the currency is seen trading on the fast moving average . Band Analysis indicates towards a narrow trade for the day.

EVENING REPORT-MAY 27

Rupee stayed weak against the greenback on persistent dollar demand from banks for oil companies and other importers. Month-end dollar demand is continuously exerting pressure on rupee while supply is weak. U.S. Dollar remained on a weak against the basket of currencies tracking the record breaking crude prices and on expectation of weak data. Euro slipped from a one-month high against the dollar relinquishing earlier gains after weak German consumer sentiment figures stoked concerns that cracks in the Euro zone economy are starting to show. The GfK index of German consumer morale unexpectedly fell to 4.9 for June, indicating that sentiment is set to crumble next month as weakness in other parts .Greenback rose against sterling pushing the UK currency down nearly 0.3 percent to 1.9712. across the board after the country's main business lobby warned that the services sector is suffering, with profitability is dropping sharply. The U.S. dollar was trading slightly weaker against the yen reflecting investor concerns about record-breaking oil prices and their impact on the U.S. Economy. Australian dollar was buoyant near 25-year peaks on growing expectations that domestic interest rates would be raised in the coming months to check stubbornly high inflation

Aussie seen on a bull run

The Australian Dollar kept to a tight range pivoting the .9600 level. Aussie was near a 25-year high on speculation the country's higher-yielding government bonds will lure investors. Quiet day on the data front.
TECHNICAL VIEW:

Aussie is seen on a bull run for the day with the trading range of 0.9570-0.9650. currency has its support at 0.9555 levels and holds resistance at 0.9680 levels break of which will see 0.9700.Aussie is seen trading well above the fast moving average giving confirmation on the bull run. Both Stochastic and RSI are also supporting the bull note.

Euro strong on speculation of weak U.S.data-May 27

Euro kept to a small range but received a boost from rising oil prices late in the day. The dollar traded near a one-month low against the Euro on speculation U.S. reports today will show falling house prices eroding confidence among consumers. Looking ahead for the German consumer confidence along with German final GDP for the first quarter.

Tech view:

EURO is seen on a bullish note 1.5730-1.5840.With good support seen at 1.5720 and key resistance for the currency is seen at 1.5860 levels. Momentum is seen trending up and stochastic is also supporting the bullish move. Chart pattern shows the upper break in the apex formation confirming the bull run.

Rupee weakens on oil cause.-May 27

Rupee weakened against U.S. dollar as some banks bought dollars for importers amid lack of major selling interest .oil companies are expected to add to dollar buying which could weaken rupee further.

Tech view:

Rupee is expected to trade in the range of 42.70-42.96.With good support seen at 42.58 levels. Key resistance for the currency is seen at 43.06 levels. Currency is expected to be on a bullish note as Stochastic and Relative Market Strength are hinting towards the bullish move and the currency is also seen trading above the fast moving average and trying to test the upper Bollingers in Band Analysis

EVENING REPORT-MAY26.

Rupee slipped, erasing gains, against dollar as banks continuously bought the greenback.However exporters' dollar sales restricted a sharp fall in the Indian unit. Most other banks were also said to have squared off dollar positions amid lack of cues from overseas markets.The dollar held its ground taking advantage of the ultra-thin volumes owing to U.S. and UK market holidays to arrest its decline of the last three weeks and eke out slender gains against a basket of major currencies. European currency showed mixed performance against its major counterparts due to holiday in the U.S. and Britain but held most of the gains it made amid rising oil prices at the end of last week,the euro zone's economy is seen as more resilient to sky-high oil than the U.S. economy.The dollar edged up against the yen but its gains were limited because of sluggish global stocks and skyrocketing oil prices which compounded inflation fears.Australian dollar climbed to 25-year highs against the US currency as higher returns on local assets lured investors and firm commodities added to the run.

Aussie treaded neaarrr 25 years high

The Australian dollar traded near the highest level in 25 years on speculation the central bank will raise interest rates again this year.

Tech View:
Aussie is seen on a bull run for the day with the trading range of 0.9570-0.9650. currency has its support at 0.9555 levels and holds resistance at 0.9680 levels break of which will see 0.9700.Aussie is seen trading above the fast moving average giving confirmation on the bull run. Both Stochastic and RSI are also supporting the bull note.

Euro & Pound trading on mixed note.

Tech View:
EURO is seen on a mixed note for the day With the trading range expected between 1.5705-1.5820.With good support seen at 1.5690 levels and key resistance is seen at 1.5840.chart pattern shows a consolidation if the currency breaks 1.5720 bearish pattern can be confirmed. Momentum is seen trending down .which is supported by stochastic but the currency is seen trading above the fast moving so only break out of the consolidation levels can confirm the trend.

Pound is expected to trade in the range of 1.9750-1.9890.With good support seen at 1.9740 and key resistance is seen at 1.9900 levels. Chart pattern indicates the currency to be on a mixed note for the day. Stochastic and Relative Market strength index is pointing towards the bull trend .Currency is also seen trading above the fast moving averages confirming the bull trend.

Rupee strengthened erasing losses.

Rupee rose erasing early losses against the greenback on dollar sales from foreign banks. Dollar supply from a large U.S. bank brought the market to 42.63/$1 from 42.72/$1.The Indian unit also bounced back as dollar demand from oil companies and other importers declined. Demand from other importers at higher rupee levels may restrict a sharp rise.

Tech View:
Rupee is expected to trade in the range of 42.75-43.05.With good support seen at 42.70 levels. Key resistance for the currency is seen at 43.15 levels. Currency is expected to be on a mixed note as Stochastic and Relative Market Strength are seen flat .But the currency is seen trading above the fast moving average .

evening report -may 23

EVENING REPORT
Rupee extended gains against the dollar as banks persistently sold the greenback for exporters amid weak demand from oil companies. Exporters have been selling dollars since morning but no bids are seen from oil companies. Dollar sales from a very large private bank also helped rupee to gain. However, dollar demand from some importers limited a sharp rise in the Indian unit above 42.70 rupees per $1.The dollar was little changed ahead of of a reading on existing home sales for April. Traders considered a flurry of economic news from across the Atlantic, including UK GDP and European PMI data. yen strengthened from a 25-day low and advanced to 103.48 levels. EURO showed mixed trading against its major counterparts .The Euro advanced to 1.5741 against the US dollar and is now worth 1.5724Euro zone manufacturing PMI fell and The German manufacturing PMI indicator eased slightly .Following the release of British first quarter gross domestic product results, the British pound was quoted at 1.9799 against the dollar.

Aussie fell on weak commodities.

Australian Dollar was fell from 24 year record highs on the back of weaker commodities .Aussie headed for a fourth weekly gain and was set for a second versus the U.S. dollar on speculation the nations' central banks will keep interest rates high enough to attract investors.

Tech View
Aussie is seen on a bull run for the day with the trading range of 0.9540-0.9650. currency has its support at 0.9515 levels and holds resistance at 0.9680 levels break of which will see 0.9700.Aussie is seen trading above the fast moving average giving confirmation on the bull run. Both Stochastic and RSI are also supporting the bull note.

Yen recovered from lows.

Yen recovered from Asian lows on the back of an equities recovery, stronger US data and gain in US bond yields. No data out of Japan to end the week. Sterling rallied after stronger then expected retail sales with actual -0.2% vs. predictions -0.5%. The cable was tempered by stronger US data before an industry report which may show drop in U.S. home sales for a second month. .Looking ahead, revised GDP is out today with the markets looking for 0.4%
Tech View:

YEN is expected to be on a bearish note for the day. With trading range expected between 103.60- 104.60 . Good support for the currency is seen at 103.40 levels and resistance is seen at 104.80 levels. Chart pattern indicates the formation of double top giving confirmation on the bearish note. stochastic is seen flat .But currency is seen trading below the moving averages.

sterling rallied higher

Sterling rallied after stronger then expected retail sales with actual -0.2% vs. predictions -0.5%. The cable was tempered by stronger US data before an industry report which may show drop in U.S. home sales for a second month. .Looking ahead, revised GDP is out today with the markets looking for 0.4%.

Tech View:

pound is expected to trade in the range of 1.9760-1.9850 levels for the day. currency has its support at 1.9740 levels and holds resistance at 1.9870 levels .Chart pattern shows an formation of inverted head and shoulder formation giving confirmation on the bull trend. stochastic and RSI is also supporting the bull trend. But caution is required as they are in overbought level.

euro gained up gains

Euro gave back some of the gains made this weak on the back of weaker then expected Industrial New Orders coming in at -1.0% .currency received its support from U.S. housing slump and record oil prices slow growth in the world's biggest economy Looking ahead for the day manufacturing and services PMI which is expected to give the market a clearer picture of current economic conditions in the Euro-zone.

Tech View:

EURO is expected to be in the range of 1.5660-1.5800.With good support seen at 1.5640 and key resistance is seen at 1.5820.Chart pattern indicates towards the mixed note. Currency is trading on the moving average with no confirmation on the trend. Momentum is trending downwards and stochastic is seen flat.

Rupee recovered

Rupee recovered from Thursday's sharp fall as some banks sold the greenback for exporters. Bouts of profit booking too aided the rupee. Some small companies are selling dollars noting that the RBI was supporting around 43.20 per $1 yesterday .The rupee which has weakened over 7% in the last one month retraced some losses on after the Reserve Bank of India sold dollars to check the volatility in the Indian currency.

Tech view:
Rupee is expected to trade in the range of 42.75-43.05.With good support seen at 42.70 levels. Key resistance for the currency is seen at 43.15 levels. Currency is expected to be on a mixed note as Stochastic and Relative Market Strength are seen flat .But the currency is seen trading above the fast moving average .

AUD TRADING 20 YRS HIGH

AUD touched 20 year highs overnight on surging commodities and continued fallout from hawkish RBA minutes. AUS/JPY traded as high as 99.80 but was weighed down by weak stocks. Looking ahead for the day very little data out for rest of weak.
Technical view for the day
Aussie is seen on a bull run for the day with the trading range of 0.9600-0.9680. currency has its support at 0.9580 levels and holds resistance at 0.9690 levels break of which will see 0.9700.Aussie is seen trading above the fast moving average giving confirmation on the bull run. Both Stochastic and RSI are also supporting the bull note.

RUPEE TO TEST 43.50 IN NEAR TERM

DATED 22.05.2008
Rupee fell below the psychological 43 per $1 mark to touch a new 13-month low today as banks rushed to buy the greenback to meet demand from oil companies as crude prices scaled new highs .There are bids from oil companies and large private bank is buying dollars for a major state-owned oil company
TECHNICAL VIEW FOR THE DAY 22.05.2008
Rupee is expected to trade in the range of 42.95-43.25.With good support seen at 42.90 levels and break of which will see 42.30 levels. Key resistance for the currency is seen at 43.40 levels. Stochastic and Relative Market Strength are at overbought levels but the parabolic curves say that the bull trend remains intact. Moreover currency is also seen trading above the fast moving average confirming the view and the has breached the upper bollinger..

EURO BOOSTS

DATED 22.05.2008
The Euro received another boost on the back of better then expected German IFO business climate index coming in at 103.5 . Looking ahead, European Industrial New Orders m/m out today expected to come in at -0.4%.·
TECHNICAL VIEW FOR THE DAY 22.05.2008
EURO is expected to be in the range of 1.5720-1.5830.With good support seen at 1.5700 and key resistance is seen at 1.5840.Chart pattern indicates the currency to be bullish note. Currency is trading well above the fast and slow moving averages and is giving a bullish crossover. stochastic and RSI are giving signal for a small downside correction in the counter.

EURO BOOSTS

DATED 22.05.2008
The Euro received another boost on the back of better then expected German IFO business climate index coming in at 103.5 . Looking ahead, European Industrial New Orders m/m out today expected to come in at -0.4%.·
TECHNICAL VIEW FOR THE DAY 22.05.2008
EURO is expected to be in the range of 1.5720-1.5830.With good support seen at 1.5700 and key resistance is seen at 1.5840.Chart pattern indicates the currency to be bullish note. Currency is trading well above the fast and slow moving averages and is giving a bullish crossover. stochastic and RSI are giving signal for a small downside correction in the counter.

STERLING TRADED IN SOGGY

DATED 220.5.2008
Sterling traded in a soggy tone after the MPC minutes came in as expected with members voting 8-1 for a hold in rates at 5.00% this month. Looking ahead for the day Retail sales out today expected to come in at -0.5%.
TECHNCAL VIEW FOR THE DAY 22.05.2008
pound is expected to trade in the range of 1.9660-1.9740 levels for the day. currency has its support at 1.9640 levels and holds resistance at 1.9760 levels .Chart pattern shows an formation of inverted head and shoulder formation giving confirmation on the bull trend. stochastic and RSI is also supporting the bull trend. But Momentum is indicating towards the possibility of small market correction.

YEN AIDS FOR SHARP FALL

Yen was aided today from sharp falls in equities around the world and generally weaker greenback. . Data out this morning included Japanese trade balance coming in at .61T.
TECHNICAL VIEW FOR THE DAY DATED 22.05.2008
YEN is expected to be on a bearish note for the day. With trading range expected between 102.20- 103.70 . Good support for the currency is seen at 102.00 levels and resistance is seen at 103.90 levels. Chart pattern indicates the formation of double top giving confirmation on the bearish note. Momentum and stochastic are hinting towards the bearish note to continue for the day but as they are in oversold level market can expect a small correction upwards.

austrial dollar on a bull rally

Australian Dollar rallied following hawkish RBA minutes which highlighted that policy makers were considering another rate rise during the May 6 meeting. As a result the Aussie set new multi-year highs above the 96 cents .Adding to further Aussie strength were comments that the currency could have been potentially higher given the current commodity surge. Westpac consumer confidence sent at 2.7% for the month May

Tech view:

Aussie is seen on a bull run for the day with the trading range of 0.9540-0.9620. currency has its support at 0.9520 levels and holds resistance at 0.9630 levels break of which will see 0.9650.Aussie is seen trading above the fast moving average giving confirmation on the bull run. Both Stochastic and RSI are also supporting the bull note.

yen rose againsst the greenbaack

Yen Muted reaction to Bank of Japans unanimous decision to hold rates at 0.5% with no change to economic outlook although it was noted that risks are still to the downside. The share market falls weighed heavily on the currency .The yen rose to a one-week high against the dollar with decline in stocks which prompted investors to pare holdings of higher-yielding assets funded in Japan. Looking ahead there is no data out today from Japan.

Tech View:
YEN is expected to be on a bearish note for the day. With trading range expected between 102.70- 104.40 . Good support for the currency is seen at 102.50 levels and resistance is seen at 104.60 levels. Chart pattern indicates the formation of double top giving confirmation on the bearish note. Momentum and stochastic are hinting towards the bearish note to continue for the day View is also supported by parabolic curve.

sterling tracked other currencies

Sterling With little data out the UK the Sterling Pound tracked other currencies gaining 1% against broadly weaker dollar. Looking ahead today are the MPC minutes to be released with markets expecting an 8-1 split of the April rate decision to hold at 5.00%

Tech View:
pound is expected to move sideways for the day with the trading range expected between 1.9640-1.9740 levels for the day. currency has its support at 1.9620 levels and holds resistance at 1.9760 levels .Chart pattern shows an formation of inverted head and shoulder formation giving confirmation on the bull trend. Momentum and RSI is also supporting the bull trend.

Euro on bullish note.

The Euro saw the ZEW survey come in at -41.4 weaker then the expected -37.5 hinting that a rate hike from ECB was likely to help counter inflation. Looking ahead for the day important data out today from the Euro-zone German IFO business climate Index expected to come in at 102.1

Tech View:
EURO is expected to be in the range of 1.5600-1.5720.With good support seen at 1.5580 and key resistance is seen at 1.5740.Chart pattern indicates the currency to be bullish note. Currency is trading well above the fast and slow moving averages and is giving a bullish crossover. stochastic and RSI are also supporting the bull note for the day. Currency is trending towards the upper bollinger giving bullish signal.

Rupee extends the losses

Rupee extended the losses against the greenback as banks bought dollars to meet demand from oil companies and other importers amid spiraling crude prices. There are bids from large state-run oil companies as crude prices are at record high levels. Rupee also weakened as some foreign banks stepped up dollar demand on views that local shares may open down tracking the fall in global share indices.

Tech View:

Rupee is expected to trade in the range of 42.59-42.91.With good support seen at 42.53 levels and break of which will see 42.48 levels. Key resistance for the currency is seen at 43.00 levels. Stochastic and Relative Market Strength are at overbought levels but the parabolic curves say that the bull trend remains intact. Moreover currency is also seen trading above the fast moving average confirming the view. Bollingers show a tight range for the currency

EVENING REPORT-MAY 19

The dollar slipped to a 2-1/2 week low against a basket of major currencies on the worst U.S. consumer confidence reading in nearly three decades which raised concerns about stagflation. The surprisingly steep fall in U.S. consumer confidence slightly tempered market expectations for the Federal Reserve to raise interest rates later in the year. The Euro rose to its highest level since May 1 at $1.5632 there is a scope for relatively robust readings from key German sentiment surveys this week to support the Euro by reinforcing the case for the European Central Bank to leave rates on hold a while longer rather than cutting them .The greenback dropped to a 2-week low of 1.9623 against pound before reversing its early losses to trade at 1.9560 as the prices for houses in Great Britain increased 1.2 percent in May from the month before. Sellers were embolden by recent actions from the BoE to provide liquidity to the market. The dollar inched higher against the yen making up for some losses late last week when a plunge in Michigan index of consumer confidence stirred concerns about the outlook for the U.S economy. The Bank of Japan is widely expected to keep interest rates at 0.50 percent at a two-day policy meeting. The Australian dollar scaled a 24-year peak of $0.9564 boosted by firm commodity prices and better risk appetite and on expectations that domestic interest rates will stay high.

Aussie on bull rally

AUD traded at a fresh 24 year high of 0.9558 on Friday on the back of weak US data and strong rally in gold and risk appetite. The Australian Dollar once again set new highs by touching 0.9571. The RBA minutes are also scheduled for release tomorrow, as market will be looking for any hawkish comments.

Tech outlook:
Aussie is seen on a bull run for the day with the trading range of 0.9510-0.9590. currency has its support at 0.9490 levels and holds resistance at 0.9600 levels break of which will see 0.9620.Aussie is seen trading above the fast moving average giving confirmation on the bull run. Stochastic and RSI are hinting towards the possibility of small market correction as they are at overbought levels.

jpy drops ahead of annoucement

Yen gained against the dollar after again having a look above 105 with the drop in the Dow and bad US data precipitating a drop to lows of 103.54 before a recovery in stock market and strong buying on the crosses which allowed a close above 104. Interest rate announcement is out on Tuesday with the expectation that the Bank of Japan will be keeping interest rates on hold predicting a downturn in future data.

Tech view:
YEN is expected to be on a mixed note for the day. With trading range expected between 103.80- 104.70 Good support for the currency is seen at 103.70 levels and resistance is seen at 105.00 levels. levels. Momentum and stochastic are hinting towards the bullish trend to continue for the day .currency also lies well above the moving averages and is giving a bullish crossover.

GBP eyes on bad us data

GBP has been under pressure lately but a strong relief rally on bad US data saw a retest of the 1.96.The U.S. currency was also close to a one-week low versus the pound on speculation of the existing U.S. home sales which is expected to fall for a second month Markets now look to MPC minutes on Wednesday for Central bank thoughts on Rates.

tech view:
pound is expected to be on a mixed note for the day with the trading range expected between 1.9510-1.9630 levels for the day. currency has its support at 1.9480 levels and holds resistance at 1.9640 levels .Momentum and RSI is seen flat giving no indication but however the currency is trading well above the fast moving average.

Euro gained on weak us data

Euro On the back of weak US data the Euro tested 1.56 rallying from 1.545 early in the session. The dollar traded near the lowest in more than two weeks against the Euro on speculation of an industry report this week which will signal the worst housing slump in a quarter century and weigh on the U.S. economy. Euro also received a boost from ECB president Trichet’s hawkish comments on fighting inflation creating doubts of rate easing this year. Little data out of Euro zone leading into German ZEW survey tomorrow

Tech view:
EURO is expected to be in the range of 1.5520-1.5630.With good support seen at 1.5500 and key resistance is seen at 1.5650.Chart pattern indicates the currency to be bullish note. Currency is trading well above the fast and slow moving averages and is trending up. stochastic and RSI is also supporting the bullish move however momentum is signaling towards the possibility of a small market correction.

evening report-may 16

The US dollar climbed to fresh multi-month of 42.93 against the Indian rupee as the wholesale price index based inflation soared to 7.83% for the week andon on continuous dollar sales from banks and exporters .Dollar softened against other currencies as economic data before the weekend are expected to confirm that U.S. households are becoming increasingly pessimistic.The greenback, which was hurt on Thursday by weak manufacturing activity indicators, is expected to be hit again by another drop in the University of Michigan consumer confidence index. Euro traded in green pressured by the contrast the weak U.S. jobs and manufacturing data and forecast-beating growth figures from the euro zone.The U.S. data injected a hint of doubt into market expectations that the Federal Reserve's aggressive cycle of interest rate cuts is over. Further clues on the depth of the U.S. economic slowdown will come with housing starts and building permits numbers Yen rose across the board on Thursday as investors reduced demand for riskier assets such as stocks after a series of weak U.S. economic data added to anxiety over the country's growth picture.Analysts said that while market indicators pointed to the Federal Reserve being close to the end of its interest rate cutting cycle, there were nagging doubts on whether the economy would be able to cope without further policy easing.
.

Aussie on a bull run.

AUD rallied throughout the day boosted by commodities as gold $20 an ounce. RBA Governor also made mention of the Chinese Economy stating that the economy is overheating predicting that Australia's dollar will outperform major currencies over the next 12 months .

Tech View:
Aussie is seen on a bull run for the day with the trading range of 0.9400-0.9490. currency has its support at 0.9390 levels and holds resistance at 0.9500 levels break of which will see 0.9520.Aussie is seen trading above the fast moving average giving confirmation on the bull run.

Yen seen on a mixed note

Japanese yen showed mixed performance against its major counterparts amid the release of the better-than-expected Japan Q1 GDP report. U.S. dollar fell versus the yen after the Federal Reserve reported a 0.7 percent drop in industrial production last month. The Bank of Japan will probably keep interest rates on hold next week after it slashed its growth estimate and shelved a two-year policy of seeking higher borrowing costs.

Tech view

YEN is expected to be on a mixed note for the day. Good support for the currency is seen at 104.00 levels and resistance is seen at 105.40 levels. trading range is expected between 104.10- 105.20 levels. Momentum and stochastic are trending downwards but currency is giving bullish crossovers giving possibility of small bull correction .

Euro and pound gained against greenback.

Euro was buoyed initially by first quarter growth up by 0.7% whilst the CPI data fell from 3.6% to 3.3% on an annual basis adding to notions that the ECB will hold rates for the time being. The dollar declined against the Euro on speculation that U.S. reports today will show housing starts fell to a 17-year low and consumer confidence slumped to the weakest in 26 years.

Tech outlook
EURO is expected to be in the range of 1.5410-1.5560.With good support seen at 1.5390 and key resistance is seen at 1.5580.Chart pattern indicates the currency to be bullish note. Currency has breeched the fast moving averages and is trending up. stochastic and RSI is also supporting the bullish move.
pound is expected to be on a bullish note for the day with the trading range expected between 1.9440-1.9510 levels for the day. currency has its support at 1.9420 levels and holds resistance at 1.9530 levels .Momentum and RSI is trending up confirming the bull run currency has crossed the fast moving average but a crossover can only solid confirmation on the view

Rupee recovered from the fall

Rupee recovered from the sharp fall as banks sold the greenback on expectations of dollar inflows following a newspaper report that the government may ease norms on external commercial borrowings and tracking rise in global share. The easing in ECB norms is likely to lead inflows so banks were seen selling dollars. The annual review of the policy on external commercial borrowings expected in a fortnight could ease some of the end-use restrictions in place.

Tech view:

Rupee is expected to trade on a mixed note with the trading range of 42.30-42.80.With good support seen at 42.22 levels .Key resistance is seen at 43.02 Currency is expected to give a downward correction as it has already tested the upper Bollingers but an element of caution is required as it is still above the fast moving averages. Sensitivity indicator stochastic is at overbought level hinting towards the possibility of small downward correction.

yen rose to weeks low

JPY rose to a week lows against the Dollar, as equity markets once again were key to governing moves. The yen may decline to 107 per dollar by early June should it fall through 105.70, based on charts that traders use to predict price movements.
YEN is expected to move down for the day. good support for the currency is seen at 104 levels and resistance is seen at 105.80 levels. trading range is expected between 104.20- 105.70 levels. momentum is trending downwards and MACD indicating overbought levels and expected to give downward consolidation in near term. currency is giving bearish crossovers giving indication of the possibility of small bearish correction .

Aussie eased

AUD eased further throughout the day failing to gain support from a poor Wage Price Index coming in well below expectations. Looking ahead for the day RBA Gov 's speech where he is widely expected to discuss the State of the Australian Economy in its current climate and its history in recent decades. Aussie is expected to be on downside for the day. the currency lends its support at 0.9245 levels and holds resistance at 0.9370 levels. Trading range is expected between 0.9250-0.9365 levels. the prices are trading below the fast moving average and stochastic indicates the currency to be on downside for the day.

Pound in mixed note

GBP continued its spiral, touching a three week low as the BOE quarterly inflation report showed a downward revision of growth although Inflation will remain above the comfort band for the following two years. The central bank effectively put markets on warning for a period of stagflation.

tech view
pound is expected to be on a mixed note for the day with the trading range expected between 1.9350-1.9540 levels for the day. currency has its support at 1.9330 levels and holds resistance at 1.9570 levels .Momentum is trending up and RSI is seen flat giving no clues about the trend but currency is also seen trading below the fast moving average giving the possibility of downward correction.

Euro recovered-May 15

Euro recovered from early day lows as inflationary measures out of the U.S. failed to surprise. In Euro-zone specific data, Industrial Production softened feeling the repercussions of an overvalued .EuroKey figures out of the Euro zone will be made public in the form of CPI and GDP with a forecast of 0.3% and 0.5% respectively..Reports may show first-quarter economic growth accelerated, making it less likely the European Central Bank will lower interest rates .

tech view

EURO is expected to be in the range of 1.5420-1.5550.With good support seen at 1.5400 and key resistance is seen at 1.5570.Chart pattern indicates the currency to be bullish note. Currency has breeched the fast moving averages and is trending stochastic and RSI is also hinting towards a bullish movement in the counter.

Rupee weakened from early gains

Rupee weakened erasing early gains as banks bought the greenback anticipating its demand from oil companies and other importers. Upward movement in rupee at opening trades was temporary as demand from oil companies is seen.

Tech View
Rupee is expected to trade flat with the trading range of 42.22-42.50.With good support seen at 42.18 levels .Key resistance is seen at 42.56 break of which will see 42.66.Currency is seen on a consolidation and is expected to give a downward correction as it has already tested the upper Bollingers but an element of caution is required as it is still above the fast moving averages.

Evening Report

The rupee extended its fall against the U.S. dollar as banks persistently bought the greenback to meet demand from importers in the absence of strong supply from exporters. Apart from dollar demand from importers, there were regular purchases from oil companies, which added to fall in the Indian unit. The dollar climbed for a third day before a government report that will probably show no slowdown in U.S. inflation, boosting speculation the Federal Reserve will stop cutting borrowing costs next month. The dollar also gained against the Euro after French Finance Minister Christine Lagarde said that the single currency is overvalued by as much as 20 percent. The yen fell as gains in stocks encouraged investors to buy higher- yielding assets in so-called carry trades. The British pound traded at $1.9393, the lowest since Feb. 20. Consumer-price growth will exceed the 3 percent level that requires a letter of explanation to be written to the government for ``several'' quarters, the central bank said in its quarterly inflation report today. The bank held its target lending rate at 5 percent on May 8. The Australian dollar fell for a second day after a government report showed wage growth unexpectedly slowed last quarter, increasing concern economic growth is easing.

Aussie under pressure

AUD was pressured as the Greenback rebounded on positive Retail Sales figures. Wage Price Index for the first quarter were released below expectations at 0.9% .AUD is expected to trade in the range of 0.9320-0.9430.With key support seen at 0.9300 levels and resistance is seen at 0.9450 levels.Currency is expected to be on a mixed note for the day but would receive confirmation on the downtrend with the break of 0.9350.Relative strength index is remaing slient on the issue and stochastic is trending up currency is seen trading below the fast moving average.

yen edged higher

Yen edged higher throughout the day on the back of a buoyant dollar and reports that the Chinese Yuan would appreciate by 7% throughout the year. Yen is expected to trade in the range of 103.80-105.30 .With good support seen at 103.60 levels and key resistance is seen at 105.50.Currency is seen trading above the fast moving averages and is trying to test the upper bollingers giving an bullish outlook.Relative Market strength index is in neutral territory.Daily stochastic is hinting towards the bull run to continue for the day.

pound active on data

GBP was most active with CPI figures touching 3% on the back of food and energy prices adding further pressure on the BoE to sustain rates in their next meeting. The Sterling Pound surged on the back of the data release although was very short lived. Unemployment figures are made available as well as the BoE quarterly inflation report.
Pound is expected to trade in the range of 1.9380-1.9508.With good support seen at 1.9350 and key resistance is seen at 1.9520.Currency has broken the lower bollingers in band analysis and is trending down and is also seen trading below the fast moving average.Stochastic is in oversold territory giving anelement of caution.Relative Market strength index is remainig slient on the issue as it is in neutral territory

Euro seen in red

The Euro lost ground against a resurgent dollar buoyed by economic data and central bank rhetoric, in what was an otherwise quiet session in the Euro-zone. ECB members speech at economic forum whilst Industrial Production .

Tech view

Euro is expected to trade in the range of 1.5370-1.5500 levels With good support seen at 1.5350 levels and key resistance is seen at 1.5530 levels.Currency is seen trading below the fast moving averages and Daily stochastics are trending down giving indication of the bear note in the counter.If the currency Breaks and sustains below the support level then can expect it to test 1.5430.

Rupee to test 42.50

Rupee continued to weaken against the US dollar because of demand from oil companies and lack of supplies from exporters, We are expecting the dollar/rupee to touch 42.50 soon as the Oil companies are buying continuously.

tech view

Rupee is expected to trade in the range of 42.15-42.48.With key resistance seen at 42.55 levels and break of which will see 42.86.Good support is seen at 42.10 levels.Chart pattern indicates the currency to have a bullish movement for the day as it is trying to test the upper Bollingers in Band analysis.Currency is also seen trading above the fast moving average confirming the trend.

evening report-may 13

Rupee trimmed losses as some foreign banks were seen taking profits.Dollar demand from importers also thinned reducing the downward pressure on the Indian unit. Local shares were up 0.4% giving rise to views foreign funds may sell dollars.The dollar was trading in narrow ranges against major currencies with investors hesitant to take fresh positions ahead of a series of data this week which would provide further clues on the magnitude of a U.S. economic slowdown.Euro trade in red ahead of the retail sales report as investors were also keeping a close eye on oil price which have eased since hitting a record high above $126 a few days ago.Retail sales figures are expected to have continued their sluggish trend falling by 0.1 percentSterling lost the most ground against the U.S. currency as domestic factors came in to play with housing and retail sales data weighing on sentiment.British consumer price are expected to reflect on the rising inflationary pressures deepening the Bank of England's policy dilemma as it struggles to balance slowing growth with rising inflation.The dollar fell against the Japanese yen trading at 103.70 yen across the board as markets' risk appetite picked up with equities trading higher and bond yields falling. The Australian dollar advanced as rising stocks gave investors confidence to purchase higher- yielding assets.Aussie climbed for a second day versus the U.S. dollar as optimism the worst of the credit crisis is over spurred demand for so-called carry trades

yen in green

yen for the first time in six days as traders judged its losses were excessive given speculation the Federal Reserve will refrain from lowering interest rates. The currency rebounded from a three-week low versus the yen as a technical chart that traders use to predict price movements signaled the dollar's 2.4 percent decline in the past five days was overdone.
YEN is expected to be on a bull note with the trading range of 102.70-104.00.With good support seen at 102.60 and key resistance for the currency is seen at 104.20 levels. Stochastic and Relative Market strength is giving a indication for the currency to be on a bull note but an element of caution is required as the currency is giving bearish crossovers giving indication of the possibility of small bearish correction .

aussie showed weakness

Australian dollar showed weakness against its major counterparts as the business confidence in Australia continued to fall in April. The Aussie fell to a 4-day low against the greenback.
Tech View

Aussie is expected to be on downtrend for the day. With trading range is expected between 0.9340 -0.9430 levels. currency has its support at 0.9320 levels and holds resistance at 0.9445 levels. stochastic and Momentum are giving clue for the currency to trade on downside for the day.

Pound for weekly decline

pound had its first weekly decline against the Euro in a month, and dropped for a third week versus the dollar, on speculation signs the economy is faltering will prompt the Bank of England to resume cutting interest rates.

Tech View:
pound is expected to be on a bearish note for the day with the trading range is expected between 1.9350-1.9570 levels for the day. currency has its support at 1.9340 levels and holds resistance at 1.9590 levels .Momentum and RSI takes the currency on downside and currency is also seen trading below the fast moving average confirming the trend.

euro on downtrend

EURO continued its late week revival; following the ECB signal that it was unlikely cuts would materialize

Tech view
EURO is expected to be in the range of 1.5340-1.5520.With good support seen at 1.5320 and key resistance is seen at 1.5540.Chart pattern indicates the currency to be bearish note. Bollinger bands is widen and indicates currency to be volatile and but expected to be on a bearish note. RSI and stochastic confirms the trend.

Rupee recovered early losses

Rupee recovered early losses cn dollar sales by some banks. Lower rupee levels as they think the buying was overly done However, dollar demand from oil companies and other importers continued keeping a check on the rupee's rise. The dollar gained against its major counterparts.
Rupee is expected to trade with the range of 41.45-41.75 levels. With good support seen at 41.38 levels .Key resistance is seen at 41.85 for the day. Currency is giving correction downside after testing the upper Bollingers but an element of caution is required as it is still above the fast moving averages.

Rupee recovered from losses

Rupee recovered early losses on dollar sales by some banks. Lower rupee levels as they think the buying was overly done However, dollar demand from oil companies and other importers continued keeping a check on the rupee's rise. The dollar gained against its major counterparts.

Tech view:

Rupee is expected to trade with the range of 41.45-41.75 levels. With good support seen at 41.38 levels .Key resistance is seen at 41.85 for the day. Currency is giving correction downside after testing the upper Bollingers but an element of caution is required as it is still above the fast moving averages.

EVENING REPORT-MAY 9TH

Indian Rupee pared gains against the US dollar due to persistent demand from oil companies and other importers while supply from exporters thinned as demand strengthened. The dollar/rupee is not easing too much because good demand. Dollar was narrowly mixed against other majors as market players waited for fresh leads on prospects for the US economy and interest rates. The Euro firmed against the dollar as markets continued to digest European Central Bank interest rate decision and the lack of any signal that borrowing costs in the 15-nation currency zone will fall anytime soon. The EC B's decision to leave rates unchanged at 4.00 percent was widely expected but many markets watchers were anticipation that the central bank would acknowledge the risks of an economic slowdown had accelerated. British pound dipped to 1.9480 as the Bank of England left rates steady at 5.00 percent. The move was in line with expectations but given the continued deterioration in UK economic data there had been some speculation that the Monetary Policy Committee would vote in favor of a 25bp cut. Yen was trading slightly firmer against the U.S. dollar as investors shifted their funds from sluggish stocks to higher yielding currencies.

evening report may 09

Indian Rupee pared gains against the US dollar due to persistent demand from oil companies and other importers while supply from exporters thinned as demand strengthened. The dollar/rupee is not easing too much because good demand. Dollar was narrowly mixed against other majors as market players waited for fresh leads on prospects for the US economy and interest rates. The Euro firmed against the dollar as markets continued to digest European Central Bank interest rate decision and the lack of any signal that borrowing costs in the 15-nation currency zone will fall anytime soon. The EC B's decision to leave rates unchanged at 4.00 percent was widely expected but many markets watchers were anticipation that the central bank would acknowledge the risks of an economic slowdown had accelerated. British pound dipped to 1.9480 as the Bank of England left rates steady at 5.00 percent. The move was in line with expectations but given the continued deterioration in UK economic data there had been some speculation that the Monetary Policy Committee would vote in favor of a 25bp cut. Yen was trading slightly firmer against the U.S. dollar as investors shifted their funds from sluggish stocks to higher yielding currencies.

AUSSIE GAINS

Australian dollar headed for a second weekly gain after the central bank raised its forecast for inflation in a quarterly policy statement today.

TECH VIEW

Aussie is expected to be on downtrend for the day. trading range is expected between 0.9410 -0.9470 levels. currency lends its support at 0.9400 levels and holds resistance at 0.9475 levels. narrow band indicated the currency to trade in tight pattern for the given trend in near term. stochastic gives the clue of the currency to trade on downside for the day.

EORU REBOUNDED AGAINST THE GREENBACK

The Euro rebounded from an eight-week low against the dollar after European Central Bank President Jean-Claude Trichet yesterday said inflation remains the bank's top priority.

TECH VIEW:

EURO is expected to be on bull note for the day .currency has good support at 1.5340 and holds resistance at 1.5480 levels where breach of the level would test 5510 levels. the trading range is expected between 1.5350-1.5470 levels for the day. the momentum holds strong for the day expecting uptrend for the day. stochastic remains silent which needs further currency movements for the confirmation on the trend.

yEN ON WEEKLY GAIN

yen headed for its biggest weekly gain in three months against the Euro as a decline in Asian stocks caused investors to sell higher-yielding assets financed with loans from Japan. It also set for the first five-day advance in a month versus the dollar as American International Group Inc said it would raise $12.5 billion to counter credit-market losses.

TECH VIEW

YEN is expected to be on downtrend for the day. the currency is trading below the fast moving averages. currency lends its support from 103.01 levels and holds resistance at 104.30 levels. trading range is expected between 103.05-10425 levels. momentum is trending downwards indicating the bear run to continue for the day. Day stochastic lies in the oversold position thereby supporting the downside trend of the currency

Rupee stays firm

Rupee Stays firm on profit sales by exporters and as some banks liquidate long dollar positions. But, dollar demand from oil companies and other importers limits sharp rise. Premiums down as banks sell fwd dollars. The U.S. trade deficit probably narrowed in March as a weaker dollar boosted exports of machinery and food, economists said ahead of a government report today.

Tech view:

Rupee is expected to trade with the range of 41.35-41.80 levels. With good support seen at 41.25 levels .Key resistance is seen at 41.85 for the day. Technical gap is seen thereby rupee expected to appreciate in near term .Stochastic and Relative strength index are at overbought levels .

currency evening report

May 09
Indian Rupee pared gains against the US dollar due to persistent demand from oil companies and other importers while supply from exporters thinned as demand strengthened. The dollar/rupee is not easing too much because good demand. Dollar was narrowly mixed against other majors as market players waited for fresh leads on prospects for the US economy and interest rates. The Euro firmed against the dollar as markets continued to digest European Central Bank interest rate decision and the lack of any signal that borrowing costs in the 15-nation currency zone will fall anytime soon. The EC B's decision to leave rates unchanged at 4.00 percent was widely expected but many markets watchers were anticipation that the central bank would acknowledge the risks of an economic slowdown had accelerated. British pound dipped to 1.9480 as the Bank of England left rates steady at 5.00 percent. The move was in line with expectations but given the continued deterioration in UK economic data there had been some speculation that the Monetary Policy Committee would vote in favor of a 25bp cut. Yen was trading slightly firmer against the U.S. dollar as investors shifted their funds from sluggish stocks to higher yielding currencies.

AUSSIE SURGING ON COMMODITY AND ENERGY PRICES

AUD saw the RBA hold rates as expected at 7.25% although accompanying statements signaled that current monetary policy remains adequate for the time being on expectations that domestic demand will slow. The Aussie Dollar was later boosted by surging commodity and energy prices.

TECH OUTLOOK:
AUD is expected to trade in the range of 0.9420-0.9525.With good support is seen at 0.9400 and good resistance is seen at 0.9530.Stochastic and Relative Market strength index is giving indication for the currency to give a downward correction for the day. But an element of caution is required as the moving averages are giving bullish crossover.

YEN EXPECTED TO TRADE

YEN chart indicates the currency to have an upward correction for the day . The trading range is expected between 104.20-105.40.support is seen at 104 levels and resistance at 105.60 levels. Momentum remains in the overbought territory. But RSI supporting bull run and the currency is also seen trading above the fast moving averages confirming the trend.

GBP DROPPED ON POOR DATA

GBP dropped against the dollar after an industry survey showed U.K. consumer Confidence fell in April to the lowest in at least four years and PM services fall to 50.4 from the previous 52.1 adding to concerns in UK growth. An interesting data day is scheduled for the pound, with production data taking center stage

TECH VIEW:

Pound chart pattern indicates the currency to be on bear note for the day and is expected to trade in the range of 1.9620-1.9760.With good support seen at 1.9600 and key resistance is seen at 1.9780 .Relative strength index and stochastic are giving clues for the a small downside correction .sterling is seen trading below the fast and slow moving average supporting the downtrend.

EURO ON MIXED NOTE

EURO was buoyed by strong PPI figures adding to pressure that the ECB will need to maintain interest rates on hold. The dollar rose against the Euro as inflation pressures may spur the central bank to raise interest rates Looking A head for the ECB officials to scheduled to speak whilst attention will also be placed on Retail Sales figures for the month March. Forecasts lie at 0.2%, better then previous figures of -0.5%.

TECH OUTLOOK:
EURO is expected to be on mixed note for the day. trading range is expected between 1.5430-1.5580 levels. Currency lends its support at 1.5400 levels and holds resistance at 1.5590 levels. Momentum is holding the currency for the mixed trend .Stochastic is giving a caution for the downtrend

Rupee slips to 8 months low

Rupee slipped to a new eight month low today on persistent dollar buying from oil importers and other importers amid slack supply of dollars. oil companies as rise in crude oil prices have caused a concerns among oil retailers . Large U.S. banks was among the major dollar buyers on worries about the thinning dollar supply.

Tech outlook:

Rupee is expected to trade in the range of 40.90-41.25 levels. With good support seen at 40.85 levels .Key resistance is seen at 41.28 for the day. Stochastic and Relative strength index are at overbought levels. But the currency is trading above the fast moving averages giving an element of caution.

AUD rallied ahead of an RBA rate announcement, and was further boosted by rebounding commodity and energy prices.

TECH VIEW:
AUD is expected to trade in the range of 0.9495-0.9410.With good support is seen at 0.9390 and good resistance is seen at 0.9500.Stochastic and Relative Market strength index is giving indication for the currency to give a downward correction. But an element of caution is required as the moving averages are giving bullish crossover.

YEN TRACKING MAJORS

JPY tracked other majors as Japanese markets remained closed for the day. Upon positive readings in US ISM services the .Japanese markets will remain closed on Tuesday.

TECH OUTLOOK
YEN chart indicates the currency to have an upward correction in near term . Currency sees support at 104 levels and resistance at 105.20 levels. The trading range is expected between 104.20-105.10 levels. Momentum remains in neutral territory and RSI supporting the same and the currency is also seen trading above the fast moving averages confirming the trend.

POUND PRESSURED AHEAD OF RATE CUT

GBP although saw markets closed for a bank holiday remained pressured ahead of the BOE rate announcement this week although widely expected to hold some speculation persists that there is a slight chance of a rate cut.

TECH OUTLOOK:

pound is expected to trade in the range of 1.9670-1.9810.With good support seen at 1.9650 and key resistance is seen at 1.9820 .Relative strength index and stochastic are giving clues for the a small downside correction .sterling is seen trading below the fast and slow moving average supporting the downtrend.

EURO rebounded from its multi-week lows it is perceived European Central Bank is winning Europe's political leaders over to its policy of focusing on fighting inflation even as economic growth slows. JPY tracked other majors as Japanese markets remained closed for the day. Upon positive readings in US ISM services the .Japanese markets will remain closed on Tuesday.

TECH OUTLOOK

EURO is expected to be on mixed note for the day. trading range is expected between 1.5430-1.5580 levels. Currency lends its support at 1.5400 levels and holds resistance at 1.5590 levels. the momentum is still trending downwards yet the chart pattern holds the currency to move on upper move .Stochastic in neutral territory and remains silent on the issue. overall the currency is seen on a mixed note.

Crudeoil prices coze for Rupee weakness.

The Rupee weakened against the U.S. dollar as banks bought dollars expecting demand for the greenback from foreign funds with local shares seen opening lower today in line with overseas indices. A few banks were also said to be buying dollars for their corporate clients. Oil companies are seen queuing up for dollars today after crude oil prices on NYMEX rose to a record $120.36 a barrel.

Tech view:

Rupee is expected to trade in the range of 40.80-40.60 levels. With good support seen at 40.55 levels .Key resistance is seen at 40.83 for the day. Stochastic and Relative strength index are indicating the currency to have a upward movement. But Indian unit is seen trading above the fast moving average confirming the view.

AUSSIE OUTLOOK

The Australian dollars climbed on speculation rising commodity prices will bolster countries' exports. AUD is expected to trade in the range of 0.9340-0.9440.With good support is seen at 0.9320 and good resistance is seen at 0.9460.Stochastic and Relative Market strength index is giving indication for the currency to be on a bull note. Currency has breached the lower Bollingers and is trending up

YEN ON NARROW TRADE -PUBLIC HOLIDAY

YEN is expected to trade in the narrow range of 104.80-105.90.With good support seen at 104.50 and resistance is seen at 106.10 levels for the day. Chart pattern indicates the currency to have a Mixed note for the day as the momentum is trending upwards and currency is also seen trading above the moving average but stochastic and MACD are supporting the bear trend.

EURO &POUND ON A BULL RUN

The euro rose against the dollar snapping a two-day decline traders bet the European Central Bank will keep interest rates at a six-year high this week.

TECH VIEW:

EURO is expected to trade in the range of 1.1.5360-1.5540.With key support seen at 1.5340 and the resistance for the currency is seen at 1.5570.Currency is seen trading below the moving averages but has broken the lower bollingers and is seen trending upwards. Daily stochastic and RSI supports the bull run for Euro for the day.

Pound is expected to trade in the range of 1.9670-1.9780.With good support seen at 1.9650 and key resistance is seen at 1.9790 break of which will see 1.9800.Relative strength index and stochastic are giving clues for the upward correction but trend can be confirmed only with the break of 1.9780 as sterling is seen trading below the fast moving average

RUPEE SEEN FIRM

Rupee stayed firm against the greenback due to dollar sales from exporters. A rise in local shares raised hopes of inflows from foreign funds Lack of major dollar demand from importers also favored the Indian unit. Lack of interest from oil companies. The Indian unit also gained against the dollar in the absence of huge dollar demand from oil companies and other importers.

TECH VIEW:
Rupee is expected to trade in the range of 40.70-40.45 levels. With good support seen at 40.40 levels break of which will see 40.37.Key resistance is seen at 40.75 for the day. Stochastic and Relative strength index are giving confirmation on the down trend. But Indian unit is seen trading above the fast moving average giving an element of caution.

POUND REBOUNDED FROM WEAK SPELL

The pound rebounded from a weak spell, caused by poor housing data, on continued support from the Bank of England's statement that credit-related assets are undervalued.

AUSSIE WEAK ON SOFTENED COMMODITY PRICES

AUD weakened as the U.S dollar strengthened and commodity prices softened. The Aussie was also hit by weak dwelling approvals yesterday. . Looking ahead, Retails Sales figures for March are to be released on Friday with forecasts of a drop from -0.1% to -0.3%.

TECH VIEW:

AUD is expected to trade in the range of 0.9290-0.9350 .With good support seen at 0.9280 an key resistance for the currency is seen at 0.9380.Currency is expected to give downward correction for the day .Momentum gives a slight indication of the currency to move on upper note for near term.

EURO'S SLIDE AGAINST THE GREENBACK

EURO fell to a five week low against the dollar as stronger than predicted U.S data results and rising equity markets prompted investors to support the dollar and sell-off the Euro, despite it being a public holiday with no data being released. Looking ahead, PMI Manufacturing for April with forecasts of an index of 50.8and the German Retail Sales figures for March with predictions of a growth of 0.6%.JPY remained weak against the dollar owing to rising U.S equity markets and more confidence in the Fed’s rate stance prompting investors toward the higher yielding dollar.

TECH VIEW:

EURO is trading below the moving averages and expected to be on downtrend for the day. support is seen at 1.5380 and breach of it would test 1.5340 .currency holds resistance at 1.5570 . trading range is expected to trade between 1.5390-1.5560 levels. currency breaks the lower band indicating the the trend to be on downside for near term. momentum indicates a slight upward correction in near term.

RUPEE WEAKENED AGAINST DOLLAR

Rupee weakened against the dollar contrary to expectations on dollar demand from foreign banks. The rupee opened higher on views that local shares may rally tracking overseas gains following the U.S. rate cut by 25basis points. A few banks were said to be buying dollars for oil companies while some went long on dollars noting the strong demand.

TECH VIEW:

Rupee is expected to trade in the range of 40.50-40.75.Good support seen at 40.42 levels. Key resistance is seen at 40.83 levels. Upper Bollinger's is breached but the currency is expected to give a low after testing the resistance . Stochastic and Relative Market Index are at overbought levels giving confirmation on the possibility of downside correction for the near term.