Some ranged movement is seen across most currencies. Dollar Index could be potentially bearish to 102-101.50 while below 104.50. Euro can test 1.0950-1.10 before reversing strongly from there. EURJPY can range within the broad 164-159 region while USDJPY can rise to 150 or slightly higher before falling to 148/147 again. Aussie and Pound look bullish for a potential rise to 0.66/67 and 1.26/28. However, there could be some initial pause from 0.66 and 1.26 before the upper targets are met. USDRUB could trade within 88-89. USDCNY is bearish to 7.10/7.05. EURINR could trade within 91-90 while USDINR could be seen within 83.25-83.40 for the next 2-sessions.

Dollar Index (103.766) moved up to 104.21 but has fallen back from there. Overall view is bearish below 104.50-104 with a potential fall to 102.50-102-101.50 in the next couple of weeks.

EURUSD (1.0897) has bounced well from 1.0850 which can hold as a decent support for the near term pushing Euro higher towards 1.0950-1.10 soon.

EURJPY (162.52) has moved up well and could have scope for a rise to 164 on the upside while downside could be limited to 160/159. Overall a range of 159-164 can hold for the next couple of weeks.

Dollar-Yen (149.11) trades above 148. A test of 150 or slightly higher is possible before falling back towards 148/147 again in the medium term. Overall trend is bearish below 152.

USDCNY (7.1436) aw a brief pause near 7.12-7.1650 region but could again resume its fall towards 7.10/05 to be seen over the next 1-2 weeks. Overall view remains bearish.

Aussie (0.6555) could trade within 0.66-0.65 for a few sessions before moving up to 0.67.

Pound (1.2497) trades just below 1.25. There could be some scope for a fall to 1.2450-1.24 but the Pound needs to eventually rise and sustain trade above 1.25 to rise slowly towards 1.26 and higher.

USDRUB (88.2797) is in a ranged movement within 88-89. View is bullish above 88.

USDINR (83.3250) may trade within 83.40-83.25 region for a few sessions with no directional clarity just now. On the charts there is resistance at 83.50 which is likely to hold in the medium term.

EURINR (90.7742) seems to be volatile within 90.50-91.00 region and could continue so for the rest of the week.

The US Treasury yields are hovering around their crucial support. A strong rise from here is needed to avoid an extended fall and become bullish. The German yields remain lower. They can fall further from here and test their support. Thereafter a fresh rise is possible. The 10Yr looks vulnerable to dip further while the 5Yr GoI looks mixed, and range bound.

The US 10Yr (4.40%) and the 30Yr (4.54%) yields hover around their crucial support. We repeat that a strong bounce from here and a subsequent rise past 4.5% and 4.7% is needed to avoid the fall to 4.3%-4.2% (10Yr) and 4.45%-4.35% (30Yr) and become bullish.

The German 10Yr (2.56%) yield remains stable while the 30Yr (2.73%) has dipped. The yields can test 2.5% (10Yr) and 2.6%-2.7% (30Yr) and then see a fresh rise.

The 10Yr GoI (7.2444%) has dipped, failing to breach 7.28%. While below 7.28%-7.3%, there is room to see 7.2%-7.15% on the downside before reversing higher again.

The 5Yr GOI (7.2436%) has come down from 7.2728%. The 7.2%-7.3% range is intact now. Need to wait for this range breakout to get clarity.

Dow Jones has risen well above 35000 keeping our bullish view intact for a test of 35400-35500 on the upside. DAX is rising within its sideways range. Nifty remains bullish to see a break on the upper end of the 19850-19500 range. Shanghai has dipped in line with expectations but while it remains above 3025, a rally can be seen in the coming days.

Dow (35273.03, +0.53%) has risen well above 35000. Our bullish view is intact to see 35400-35500 on the upside. Thereafter a reversal is possible. US markets are closed today.

DAX (15957.82, +0.36%) is rising within its 15800-16000 range. Bias is bullish to break 16000 and rise to 16500-16600.

Nifty (19811.85, +0.14%) has risen back well from the low of 19703. That keeps the chances high for it to break the 19500-19850 range on the upside and rise to 20000.

Nikkei (33451.83) is closed today. We will wait for a decisive breakout on either side of the 33500-33000 range to decide if it will rise towards 34000-34300 or falls towards 32500.

Shanghai (3047.07, +0.11%) continues to dip. But as long as it holds above 3025, a rise towards 3100-3125 is still possible in the coming days.

Brent and WTI fell sharply to $ 78.41 and $ 73.84 respectively yesterday over the news that OPEC+ meeting this weekend has been postponed to the 30th of November due to Saudi Arabia’s discontent with other members’ oil production levels. Crude prices also fell on Wednesday’s weekly EIA data, which revealed that crude inventories have increased more than expected. Gold lacks strength to rise above 2000 but outlook will remain bullish as long as it holds above 1980-1960. Silver appears range bound. Copper has declined as expected and can fall more in the near term. Natural Gas has scope to bounce back while above the support at 2.8-2.7.

Brent ($ 80.95) has bounced back above $ 80 after a volatile session yesterday. Failure to hold above $ 80 would be vulnerable to a fall towards $ 78-77 which may negate the chances of seeing a rise towards $ 84-85.

WTI ($ 76.15) fell sharply to $ 73.84 yesterday before rising back from there to levels above $ 76. Inability to hold above $ 75 and rise past $ 78 would be bearish for a fall towards $ 72 and negate our view to see a rise towards $ 80-82.

Gold (1994.40) lacks follow through rise above 2000. But while above the support at 1980-1960, our view will remain intact to see a rise towards 2020.

Silver (23.72) appears range bound within 24.30-23.30. As long as it holds above 23.30, there is scope for a rise towards 24.70 in the coming weeks.

Copper (3.7635) fell to a low of 3.7355 yesterday and has bounced back slightly from there. The resistance at 3.85 seems to be holding well. While below 3.85, a further dip towards 3.70 can be seen.

Natural Gas (2.8790) is holding above the support at 2.8. While above 2.8-2.7, there is potential for a rise towards 3.0-3.1.

No major data release today.

DATA YESTERDAY:
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13:30 19:00 US Durable Goods Orders
Expn 0.2% …Expected -3.2% …Previous 4.6% ….Actual -5.4%