FOREX
The Euro (1.4385) has come off from yesterday's high
near 1.4432. The market remains ranged from 1.4300-4450. The Aussie (1.0423)
and Cable (1.6481) have been stable through yesterday. This after having fallen
sharply over Thursday-Friday. The Aussie appears a little weaker than the
Sterling, even though it has an important support at 1.0325, the 200 day MA.
The Cable itself may find resistance at 1.6550.
USDJPY (76.77) and USDCHF (0.7872) are stable. This with
the market being wary of selling them on account of intervention fears.
Possibly, the Swiss Franc could be weaker than the Yen and the immediately
strong resistance at 0.7942 to see whether it can break or not.
MARKETS
The US markets gave up most of their intraday gains to
close slightly higher yesterday. Dow (10854.65) came off from its high of
11020.55 to close slightly higher by 0.34% and the NASDAQ (2345.38, up 0.03%)
closed flat after seeing an intraday high of 2397.34.
Lack of confidence in the market is keeping the indices
pressured down, the DJIA is still open for further fall to 10428 [38.2%
retracement level of the rise from 6470.11(Mar-09) to 12876 (May-11).
The Asian markets are trading in the green except for
Indonesia (3822.82) which is trading lower by 0.43%. Nikkei (8636.78) is up
0.10% and the Shanghai (2529.16) is up 0.53%.
COMMODITIES
Crude (84.85) has risen well from yesterday's low of
81.18. The Support at 80-79 is holding well and is keeping up the chances of
testing 90.
Gold (1898.90) is still very strong and rose past 1900
,as expected. It has come off from its high of 1915. The broader outlook
remains bullish. There could be chances of a sharp pull back as the commodity
has rose very high in short span of time.
Silver (43.48) tested 44, but has come off from its high of 44.27. A strong break/close above 44 will be very bullish and it could open doors for retesting the previous high of 49.80.
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