USD-INR JUNE 2011 MCX-SX FUTURE :-Last week it formed the second BLACK MORUBOZU weekly candle with the low of 44.74.In our view it has formed the bottom at 44.74 as 80% probability case. As a balance 20% probability it may make one more new low in 44.67-44.71 & as a far stretched case at 44.58-44.62.In our preferred scenario it should cross 45.08-45.12 & test 45.18-45.22 with the stretched case of 45.36-45.40. However in the such global currency turmoil with volatile & dynamic environment, it will be prudent to take this as rough skeleton & we will refine as well as retuned final target with the additional data on daily basis. Swing trader should go long on cross above of 44.91  with the stop  44.83  for the target of 45.09,.45.20  & 45.38. Once the trade runs in profit please trail the stop to lock in the profit.  Remember traders discretion & judgment of price top/bottom  formation while entering the trade  is vital for profitability of trade  & this can be done at that moment of time only.

EURO-USD:-Last week after making 1.4696 top, it reversed viciously downside. We will remain bearish on it unless it crosses above 1.4480.For the coming week we see it  supports at 1.4140-1.4100 & 1.3980-1.4020 & then bounce back to 1.4300. Swing traders sshould go short near 1.4440 with the stop of 1.4480 for the target of 1.4140 & lower.

 EURO-INR JUNE 2011 MCX-SX FUTURE :-Last week it made the top of 65.88 & turned downside sharply to exhibit the bearish undercurrent. For the coming week we see one more gap  down opening around 64.30 & then head for the supports at 64.00-63.80 8 63.20-63.00. In our view aggressive  swing trader should  go short around   64.40 with the stop of 64.60  for the target of 64.00 & 63.20.Once the trade runs in profit trail the stop suitably for exit so that profit is compounded & any lower target can also be taken advantage of it. Remember traders discretion & judgment of price behavior while entering the trade  is vital for right direction  & this can be done at that moment of time only.

GBP:-  Last week's price action has clearly formed the lower top lower bottom formation implying the downtrend. We are expecting this downtrend to continue in coming week to hit the target of 1.5950-1.6000 before a meaningful corrective rally to emerge.   In our view aggressive  swing trader should go short  around 1.6275 with the stop of 1.6325  for the target of 1.6000 & 1.5950.

GBP-INR JUNE 2011 MCX-SX FUTURE :-Last week it consolidated sideways for the initial part of the week & then broke downside. For the coming week we see gap down opening in line with the global developments after the closure of our markets. In our view aggressive  swing trader should go short  any rally around.72.80  with the stop placed at 73.20 for the target of 71.80 & lower. Once the trade runs in profit trail the stop suitably for exit so that profit is compounded & any lower target can also be taken advantage of it. Remember traders discretion & judgment of price behavior while entering the trade  is vital for right direction  & this can be done at that moment of time only.

USD-JPY:- Last week  contrary to our expectation it went down & made the low of 79.71.This actually forms the double bottom formation with the previous bottom of 79.62.We see now the corrective upward rally to 82.00+ zone. However for the coming week it may hit the 81.50-81.70 zone & take a pause.  In our view aggressive  swing trader should go long   around  80.30 with the tight stop of 80.00 for the target of 81.50-81.30.  

JPY-INR JUNE 2011 MCX-SX FUTURE :-Last 7-8 weeks it is confined to 56.25-55.25 range & it is now ripe time for it to break congestion & that to with momentum.Our bias is negative & estimate the 55.30,54.60 & 54.15 as support.   In our view aggressive  swing trader should go short on any rally around 55.70  with the stops of 56.10 for the target of 55.30,54.60 & lower.

DOLLAR INDEX :- Last week  we reported that  price action had been very swiftly down indicates the terminal wave down side & likely to bounce back very sharply. It has done exactly the same thing & broken out of the falling channel. We have estimated the target of the current move at 76.70-76.95.However we would be cautious around 76.50 being the previous top.

WEEKLY PIVOT POINTS