WEEKLY CURRENCY OUTLOOK (07/12/09)

USD-INR:-

It is forming a flat correction with the 45.80 as support & 47.60 as resistance.It has completed the wave a & b & wave c is about to open which may head towards 47.60.

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EURO-USD:-
It has complete the major wave at 1.5145 & should correct minimum to 1.40-1.42 zone.For the coming week we expect it to head for 1.4630 & then to 1.4480.

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GBP-USD:- Last week it made the high of 1.6695 against our expectation of 1.6760 & retraced swiftly..For the intermediate term it is heading for 1.5800 zone.However for the coming week 1.6260-1.6270 will be good support & breach of that will lead to 1.5800 zone.

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  USD-JPY:- At the 84.20 it has complete the major wave on downside where it has formed the major bullish divergence & PIERCING LINE in weekly chart.This has been confirmed by the last week's ferocious rise.In intermediate term we see it heading for the 100 area & for the coming week we see it knocking at 92.30-93.30.

 

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