Currency market: USD Index above 79.70 has driven the Euro into 1.3035-1.3010 and Rupee into higher end of 53.30-53.65. USD Index above 79.70 will lose steam driving Euro back into 1.3070-1.3085 and Rupee into 53.40-53.30. However, at this stage do not rule out extension into 1.3010-1.2985 before up into 1.3085-1.3135 while Rupee should stay close to lower end of 53.65-53.80 before sharp recovery into 53.35-53.20.
NIFTY: Trades are within very tight range of 5690-5720 within the 5680-5730 intraday range. The undertone continues to stay bullish into 5750 with strong protection at 5680-5660.
Gold: The reversal from first sell window of 1730-1735 has taken out 1720 with immediate target at 1700-1695.
No change in view on other asset classes.
Good luck........................Moses Harding
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