Morning briefing: Euro can trade within 1.0750-1.0850
|Good Morning!
Dollar Index and Euro can trade within 104.50-103.50 and 1.0750-1.0850 respectively. Aussie and Pound have risen slightly and needs to sustain the upmove to rise towards 0.6450-0.65 and 1.27 respectively. USDJPY looks bullish to 147 while EURJPY can soon target 159-160 on the upside. USDCNY is ranged within 7.25-7.32. USDRUB seems to be rising within 92-96 region. EURINR has bounced from 89 but needs to sustain to head towards 90. USDINR can trade within 82.50-82.75 for the very near term.
The US Treasury yields have come down. Though there is room to fall more, support can limit the downside and keep the broader uptrend intact. The German yields sustain higher. Outlook remains bullish and more rise is on the cards. The 10Yr and 5Yr GoI have come down again failing to sustain higher. Further fall is possible before the broader uptrend resumes.
Dow Jones continues to move up and remains bullish to target further upside while above the support at 34000. DAX and Nifty need a strong rise above 16000 and 19500 to turn bullish and to avoid the danger of falling further. Nikkei is rising towards the upper end of the range. Need to see if it breaks on the upside or not. Shanghai has broken below 3125 and may look to come down more towards 3000.
Brent and WTI are holding well below the resistance at $85 (Brent) and $81 (WTI) respectively. Gold has risen above 1950 and can now move up further on the upside. Silver and Copper lack follow-through rise but while above the support at 23.90/80 and 3.73 respectively, the broader outlooks will remain bullish to see a rally on the upside. Natural has fallen back but the downside seems limited to 2.50-2.45.
Visit KSHITIJ official site to download the full analysis
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.