Vikram Murarka
Kshitij Consultancy Services
The Dollar Index holds above 104 and could show some stability before moving on either side while Euro also holds below 1.09, could range within 1.08-1.09 before attempting to move up. EURJPY could see a small corrective fall before moving towards 165/166. USDJPY holds above 150 and could trade within 152-150 for some time. Aussie could trade within 0.6350-0.6550 within which a fall towards the lower end of the range looks highly possible. Pound could test support at 1.23 before bouncing back to higher levels. Watch price action at 88 on USDRUB which if breaks can be strongly bearish. USDCNY could hover near 7.25, view remains bearish below 7.30. EURINR could trade within 91-89.50 while USDINR can trade within 83.10-83.30.
The US Treasury yields have come down again. The yields can test their supports first and then move up again. The German yields are coming down in line with our expectations. There is room to fall more from here before a reversal is seen. The 10Yr and 5Yr GoI remained stable. They look vulnerable to fall further from current levels.
Dow Jones can see a short-lived correction before heading higher. DAX remains bullish for the near term. Nifty can rise towards 20000 levels while above 19500. Nikkei is hovering below the resistance at 33500. Need to see if Nikkei breaks higher or falls back from there. Shanghai has inch down further but downside could be limited to 3025.
Brent and WTI have declined sharply below their immediate support and look bearish to test their next key support before a bounce back can happen. Gold has broken above 1980 and while this break sustain, a further rise can be seen in the near term. Silver continues to rise and remains bullish to target further highs. Copper can dip to 3.65 while below 3.75. Natural Gas remains range bound within 3.3-2.9.
Visit KSHITIJ official site to download the full analysis
The above views are based on the latest available information. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. While the views are proffered with the best of intentions, neither the author, nor the firm are liable for any losses that may occur as a result of any action based on the above. 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.
Recommended Content
Editors’ Picks
EUR/USD stays near 1.0400 in thin holiday trading
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD struggles to find direction, holds steady near 1.2550
GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.
Gold holds above $2,600, bulls non-committed on hawkish Fed outlook
Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
IRS says crypto staking should be taxed in response to lawsuit
In a filing on Monday, the US International Revenue Service stated that the rewards gotten from staking cryptocurrencies should be taxed, responding to a lawsuit from couple Joshua and Jessica Jarrett.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.