Donald Trump slammed Fed Chair Jerome Powell and urged him to cut interest rates now to avoid an economic slowdown. As a result,the Dollar Index tested the low of 97.92 yesterday. The fall can extend to 97-96 before attempting to rise back. The Euro has risen past 1.15 and has a scope to extend it further to 1.16-1.18. The anticipated rise can get delayed only if a corrective fall is witnessed initially. The EURINR has the crucial resistance near 99 region. EURJPY is holding the range of 160-164 for now. USDJPY can soon test our target of 140. AUDUSD has risen past 0.64 and if sustained, can immediately target 0.655 on the upside. The USDCNY above 7.29 can attempt to rise back again towards 7.32-7.35. Pound can soon test 1.35 on the upside before getting peaked out. USDINR can limit the downside to 85.00-84.85 and start rising. Only a break below 84.85 if seen, can drag it further to 84.50.

After the Trump’s comment on urging FED to cut rates immediately Dollar Index (98.351) tested the low of 97.92 before recovering a bit from there. For now, the view remains intact to see a fall to 97-96 in the near term before attempting to rise back.

EURUSD (1.1510) in line with our bullish view, tested 1.1573 before cooling down. The targets of 1.16-1.18 are kept open for now. Only if a corrective fall to 1.14/13 is seen initially, can delay the targets on the upside.

EURINR (97.8460) yesterday tested the high of 98.49 before declining a bit. A crucial resistance is coming at 99, Need to see whether it will hold moving further or the ongoing rise extends past it.

EURJPY (161.93) continues to trade within its range of 160-1. A decisive break on the either side will be needed for further clarity.

Dollar-Yen (140.62) can soon test 140 on the downside. Thereafter, 140 is anticipated to hold and produce a bounce back towards 145 in the near term. Only a break below 140 if seen can be bearish for the pair.

USDCNY (7.3088) had initially slipped to the low of 7.2829 but later recovered from there. While the immediate support around 7.29 holds, target of 7.32 or even 7.35 is kept alive.

Aussie (0.6420) has finally risen past 0.64 and now if sustained, can head towards the 0.66-0.67 with an immediate target of 0.655 in the near term. At the same time, failure to sustain above 0.64 can drag it back to 0.64-0.61 range.

Pound (1.3386) is rising as anticipated and can soon test the higher resistance at 1.35 region before getting peaked out.

USDINR (85.1510) tested the low of 85.03 yesterday before closing higher. The preferred view is for the pair to limit the downside to 85.0-84.85 and start ascending higher. Only if a decisive break below 84.90/85 is seen, our target of 84.50 might get achieved sooner.

The US Treasury yields have risen sharply and have potential to move up further to test their resistance. The price action around the resistance will need a watch to see if the rise is extending or the yields are reversing lower again. The German Yields remain lower and stable. View remains bearish. The yields have room to fall more from here. The 10Yr GoI has come down sharply and is close to a crucial support. Failure to bounce back from the support will increase the danger of a much deeper fall.

The US 10Yr (4.41%) and 30Yr (4.90%) Treasury yields have risen well. The 10Yr can rise to 4.6% while above 4.4%. The 30Yr has room to test 5%. The price action after this rise will need a watch.

The German 10Yr (2.47%) and 30Yr (2.89%) yields remain lower and stable. The bearish view is intact. The yields can fall to 2.4%-2.3% (10Yr) and 2.8%-2.7% (30Yr) while below 2.6% (10Yr) and 3% (30Yr).

The 10Yr GoI (6.3164%) has declined sharply. The fall to 6.3% is happening much faster than expected. Failure to bounce from the 6.3%-6.28% region will increase the danger of seeing an extended fall to 6.15% and even lower.

Dow plunged after Trump criticized FED chair Jerome Powell and raised concerns over the FED’s independence and confidence in the US Economy stating that the economy could slow down unless interest rates are lowered immediately. Dow can test 36000 if it fails to sustain above 38000. Dax could be vulnerable to see 2000-19600 if it fails to sustain above 21300. Nifty has shown a good rally over the past few days but global sentiments could lead to a lower opening today. But if it sustains above 24000, it can slowly pick up momentum to rise towards 24500/25000 soon. Nikkei can rise to 35000 while above 34000. Shanghai has risen as expected and can see a slow upmove to 3350-3400.

The Dow (38170.41, -2.48%) has come down towards 38000 much faster than expected after overnight comments from Trump on the FED bank denting confidence into the US economy. A break below 38000 can drag it down to 36000.

DAX (21205.86) was closed yesterday on account of Easter Monday. Failure to sustain above 21300 keeps it vulnerable to see 20000-19600 on the downside again.

Nifty (24125.55, 1.15%) has risen and closed well above 24000. Outlook is bullish while above 24000 to see 24500-25000 on the upside.

Nikkei (34228.61, -0.15%) has dipped today but while above 34000, view is bullish for a rise towards 35000. An immediate range of 34000-35000 can hold for the near term.

Shanghai (3300.81, +0.28%) has moved up as expected but the rise seems subdued due to global sell off. A slow rise towards 3350-3400 looks possible in the next couple of weeks.

Crude prices may trade within a broad range below immediate resistance levels. Gold continues its upward momentum toward $ 3500–3550 with no major hurdles. Silver remains bullish above $ 32, targeting $ 34–35. Copper is rising steadily and could reach $ 4.9–5.0 if it holds above $ 4.7. Natural gas is supported at $ 3.0, with potential to rise to $ 3.2–3.4 unless it breaks below, which could lead to a fall towards $ 2.8–2.6.

Brent ($ 67) and WTI ($ 63.19) can range between $ 68–64/62 and $ 66–62/60 respectively in the near term, while remaining below their immediate resistance levels.

Gold ($ 3462.0) has risen to the $ 3460 level, as mentioned yesterday. The uptrend can continue in the near term, as there is no immediate resistance to halt the movement. It can therefore target $ 3500–3550 on the higher side.

Silver ($ 32.67) can target $ 34–35 on the higher side while it remains above $ 32.

Copper ($ 4.7480) is rising in line with our expectations and can move up to $ 4.9–5.0 in the coming sessions while above $ 4.7.

Natural Gas ($ 3.0630) tested a low of $ 2.9940 yesterday, as expected. Immediate support is at $ 3.0; while it holds, a rise towards $ 3.2–3.4 can be seen in the coming weeks. However, a sustained break below this level could drag it further down towards $ 2.8–2.6, though this looks less likely for now.

No major data release today.

DATA YESTERDAY
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No major data released yesterday.