• Rupee: The rupee bias is clearly on the bearish side again after the renewed dollar strength seen in the overseas markets.We might see some retracemnts to below 51.00 levels after 31st march ending but strategy remains to stay long for importers at major dips and exporters cover only at sizable intraday gains. Expect to see some dips today below 51.00 levels , buying would push it higher above 51.20 levels.(USD/INR: YET TO OPEN ). MODERATELY BEARISH AGAIN UNTIL 50 BREAKS.

• Euro: Euro stays below the trendline broken on last friday. The view remains bearish till its holding below 1.3330 (38.2% retracement of the recent fall). Accumulate shorts till 1.3340 for a target of 1.3030.Recent fundamentals also stays weak. (Eur/Usd:1.3235). BEARISH

• Pound: Cable RETRACED as expected to our expected target at 1.4300 levels yetserday after taking support of the downtrendline at 1.4109 levels indicating an opportunity to sell again. The oversold charts have corrected . Accumulate shorts from 1.43 – 1.4350 for a target of 1.40 (Gbp/Usd: 1.4300). BEARISH

• Yen: The Usd/Jpy pair has been stuck in the triangular pattern between 95 to 98.70 . The strategy remains bullish since its holding above the trendline. Add positions only on 2 closing above 99.00 levels targetting 102 . SLIGHTLY NEUTRAL TO BULLISH. (Usd/Jpy: 98.15).

• Australian Dollar: Aussie is expected to touch .6900 trendline resistance and 21 day EMA . Strategy remains to go short on the pair targetting .6500 . Keep STOPS closing above .7050 . NEUTRAL TO BEARISH (Aud/Usd: 0.6860).

• Gold: Gold recently had broken the bullish trendline near $930 . Cluster resistance is around 925-30 which should be taken as opportunities to short again. The bias would change only on closing above 940 dollars on a consistent basis. BEARISH (Gold: $917.60).

• Dollar index : Dollar index has broken the downtrendline and staying above 86.00 . Other indicators stays buillish . BULLISH

About the author

India Forex Research Team. India Forex Advisors Pvt Ltd 23, 1st floor | Great Western Building | Lion Gate | Fort, Mumbai - 23. P: +91 (0) 22 6526 2886 | M: +91 9769 2775 38 | F: +91 (0) 22 66390484 | admin@indaforex.in | www.indiaforex.in Disclaimer: These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.

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