All indices are mixed. Dow and Nikkei has some scope of rising in the coming sessions while Dax, Nifty and Shanghai looks bearish.
Dow (25322.31, +0.023%) and Dax (12842.91, +0.60%) have both moved up slightly. Dow has room on the upside and could rise further in the coming sessions towards 25750 while Dax has immediate resistance at 12900 and need to break on the upside to move towards 13100. Overall upside for Dax could be capped at 13100 from where a medium term corrective dip is possible.
Overall some bullish hope prevails for the metals and crude in the near term.
Copper (3.2524) is almost stable near current levels. A fall towards 3.22-3.20 is possible before another sharp rise is seen.
Brent (76.46) and WTI (66.19) show some directional differences just now. Brent has some support at 75 which if holds, could take the price to higher levels of 79-80 in the coming sessions. WTI on the other hand is trading along the earlier support turned resistance and could come off towards 65-64 if it does not manage to break the resistance immediately.
No major movement in Gold (1298.31) for now. The broad 1310-1290 region is holding well and some more of sideways range-trade is possible in the near term.
Gold-WTI ratio (19.67) has faced some rejection near resistance at 20 and while that holds, the ratio could come off towards 19.
Dollar index (93.73) rose from levels near 93.4 yesterday and has seen a high near 93.89 today. It could now move lower from here, targeting levels near 93.0-92.8 in this week.
Euro (1.1766): Contrary to our expectation, Euro has seen lows near 1.174 since yesterday, but now looks like it could rise from the 21 days MA near 1.173 towards 1.1875-1.1900 in this week. Levels near 1.19 could be a crucial resistance zone.
Dollar Yen (110.24): Against our expectation, Dollar Yen has turned bullish (seeing a high near 110.5). It could rise further this week to target crucial resistance near 111.5.
Euro Yen (129.70): Euro Yen is continuing to stay near 129.5-130.0 as we had expected. The possibility of Euro moving past 1.18 and Dollar Yen touching 111 implies that Euro Yen could test higher resistance on daily candles near 131 in this week.
Pound (1.3364): As expected, Pound is moving lower towards 1.33 after having tested resistance on daily candles (near 1.347) last week. It looks bearish in this week towards levels near 1.33-1.32. On the downside, 1.31 is a crucial level, whose break could lead to medium term bearishness.