Risk-off is the dominating mode right now with the launching of Israeli
ground offence in Gaza along with the MH-17 tragedy. From the positive
side, the markets are not yet in a panic mode as evident from the
sudden entry and then exit of hot money into the safe haven of the
currency world the Yen. But today is the important day to see if any
escalation takes place.
Euro (1.3524) has remained mostly unchanged while closer to the long term support area of 1.3500-1.3475 now, below which the gate towards 1.3300 opens up. If the bulls have to survive, they must produce a bounce from this area immediately.
Dollar-Yen (101.34) tested the earlier spike low level around 101.10 on a safe haven entry and bounced back later when the fear subsided, to continue trading sideways in the range of 101-102, which still shows no sign of breaking. Euro-Yen (137.05) broke below 137 to make a low at 136.70 and got a bit closer to the final long term support area of 136.20-135.50. Just like Euro, the bulls must appear right now or run the risk of getting annihilated.
Pound (1.7096) is yet to break above the latest swing high of 1.7191 to continue the rally, resulting in an extension of the corrective mode in the range of 1.7050-1.7200. Expect more price action inside this range.
Aussie (0.9365) is trying to bounce from the lower end of the 5-week long band of 0.9320-0.9500. Now a break below 0.9320 would result in a drop to the long term support of 0.9240-0.9200.
Dollar-Rupee (60.18) may open sharply above the resistance of 60.26 this morning and may reach 60.40-50 in a jiffy. Keep an eye if any selling appears from the higher levels of 60.80-90.
Euro (1.3524) has remained mostly unchanged while closer to the long term support area of 1.3500-1.3475 now, below which the gate towards 1.3300 opens up. If the bulls have to survive, they must produce a bounce from this area immediately.
Dollar-Yen (101.34) tested the earlier spike low level around 101.10 on a safe haven entry and bounced back later when the fear subsided, to continue trading sideways in the range of 101-102, which still shows no sign of breaking. Euro-Yen (137.05) broke below 137 to make a low at 136.70 and got a bit closer to the final long term support area of 136.20-135.50. Just like Euro, the bulls must appear right now or run the risk of getting annihilated.
Pound (1.7096) is yet to break above the latest swing high of 1.7191 to continue the rally, resulting in an extension of the corrective mode in the range of 1.7050-1.7200. Expect more price action inside this range.
Aussie (0.9365) is trying to bounce from the lower end of the 5-week long band of 0.9320-0.9500. Now a break below 0.9320 would result in a drop to the long term support of 0.9240-0.9200.
Dollar-Rupee (60.18) may open sharply above the resistance of 60.26 this morning and may reach 60.40-50 in a jiffy. Keep an eye if any selling appears from the higher levels of 60.80-90.
