Dollar Index looks bearish while below the resistance at 103.50. Euro, Aussie and Pound are moving up gradually and have scope to their immediate resistance in the near term. USDJPY and EURJPY have risen well and looks bullish to target further upside. USDCNY will remain bullish towards 7.35/40 as long as it sustain above 7.25. USDRUB and USDINR is to be range bound within 95-90 and 83.20-83/82.90 for some time. EURINR has scope to target its immediate resistance at 91 before resuming the fall again.

Dollar Index (103.22) seems to be turning down as the resistance at 103.50 is holding well. It can come down to 103-102.90-102.70 while below 103.50. Thereafter we have to see if it bounces back or comes down further.

EURUSD (1.0909) is on its way towards the resistance at 1.0930-1.0950 as expected. While 1.0950 holds, it can fall back towards 1.08.

EURJPY (159.36) has risen sharply towards 159.50. A sustained break above it can lead to a further rise towards 160-161. On the downside, support is at 158.

Dollar-Yen (146.08) has risen further above 146. It has scope to rise towards 147.50-148-148.50. Downside could be limited to 145-144.

USDCNY (7.2860) is unable to gather strength to move up above 7.30. But while above the support at 7.25, there is potential for a rise towards 7.35-7.40. Only a break lower will negate our bullish view and lead to a fall towards 7.230-7.20.

Pound (1.2770) is moving up towards the resistance at 1.28. A rise past 1.28-1.2820 is needed to move up towards 1.29. Else it may continue to trade within 1.28-1.27/1.26 for some more time.

Aussie (0.6418) is slowly heading up towards the resistance at 0.64 as expected. A strong break above it is needed to reduce the downside pressure and to move up towards 0.66. Else it can fall back towards 0.6350 or even lower.

USDRUB (93.3744) is holding well below the resistance at 95. While below 95, we can expect it to trade within 95-90 for some time.

USDINR (83.1125) remains range bound within 83.20-83/82.90. It may continues to hold within the mentioned range for the near term.

EURINR (90.6427) has risen well to the level of 90.65. It may rise further towards 91 before resuming the downtrend towards 89.50.

The US Treasury yields continue to move up. The momentum is strong and while that sustains a further rise is possible. The German yields have risen back as expected. Outlook is bullish and more rise is on the cards. The 10Yr and 5Yr GoI are holding well above their supports. Bullish view is intact for the GoI to rise more from here.

The US 10Yr (4.35%) and the 30Yr (4.45%) yields have surged. While this momentum continues, the 10Yr can rise 4.5%-4.6% and the 30Yr to 4.6%-4.7%.

The German 10Yr (2.70%) and the 30Yr (2.79%) yields have risen back as expected and are keeping the bullish view intact. Both the yields can rise towards 3%-3.1%.

The 10Yr GoI (7.2208%) is holding above 7.2%. While above the 7.2%-7.15% support the outlook is bullish to see 7.35%.

The 7.2%-7.18% support on the 5Yr GOI (7.2063%) is holding well. We retain our bullish view of seeing a rise to 7.45% over the medium-term. Deeper support is at 7.13%-7.1%.

Dow Jones remains lower but continues to get support near 34250. Nifty has risen but has to overcome the resistance at 19400-19500 to negate the danger of falling. DAX remains bearish for the near term. Nikkei has scope to test the resistance at 32000 before resuming the fall again. Shanghai is attempting to break below the support at 3100 and looks likely to come down more from here.

Dow (34463.69, -0.11%) remains lower but continues to get support near 34250. Need to see if the Dow is getting ready for a fresh rise from here itself without an extended fall to 34100-34000 mentioned yesterday.

DAX (15603.28, +0.19%) has come-off from the high of 15710. This keeps alive the danger of breaking below 15400 and falling to 15200.

Nifty (19393.60, +0.43%) has risen. But a sustained break above 19500 is needed to negate the fall to 19200-19000 and see more rise.

Nikkei (31816.50, +0.84%) is moving up towards the resistance at 32000. While that holds, a fall towards 30500 looks possible in the coming sessions.

Shanghai (3100.52, +0.24%) is attempting to break below the support at 3100. It looks likely to come down towards 3050 or even lower to 3000. Upside could be capped at 3175.

Brent and WTI have fallen back, failing to break above $ 86 and $ 82, respectively. Crude prices can come down further while they remain below $ 86 and $ 82. Gold, Silver and Natural gas have scope to rally in the near term. Copper needs a sustained break above 3.75 to open doors towards 3.80-3.90.

Brent ($ 84.23) couldn’t rise past $ 86 and has come down below $ 85. This keeps alive the chances of a fall towards $ 82-$ 80.

WTI ($ 80.08) has come down from a high of $ 81.75. Failure to break above $ 82 may see a fall towards $ 77.

Gold (1922.90) has bounced back slightly from a low of 1913.60. If the bounce sustains, it may rise towards 1940-1950. On the downside, support is at 1900.

Silver (23.33) has risen sharply towards 23.50. It may rise further towards 24. A break above 23.50 can trigger this rise.

Copper (3.7180) is lacking strength to rise above the resistance at 3.75. A strong break above it could pave the way towards 3.80-3.90. Else it can trade within 3.75-3.65 for some time.

Natural Gas (2.60) appears range bound above 2.5. As long as it holds above 2.5, a rise towards 2.8-3.0 is possible. Only a break lower could drag it down to 2.4.

14:00 19:30 US Existing Home Sales
Expn 4016K …Expected 4150K … Actual 4160K

DATA YESTERDAY:
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No major data release Yesterday.