Tops down analysis indicating Monthly timeframe is balancing, Weekly timeframe is trending down and Daily timeframe is trending up. Kind of mixed timeframes which indicates that markets are in the phase of total uncertainty where most of the players opinion are not aligned in the same direction. Every timeframe has their own opinion about markets at current juncture.
USDJPY currently trading around 108.71 with relatively thin volumes as Japanese markets are in holiday and despite rising US Markets and 10-year note yield now at 2.90%, surpassing last week’s 4-year high. trading higher USDJPY pair is little changed from Fridays closing.
USDINR on the daily charts very recently turned to long term buy mode since 16th June 2014. Currently the EOD support comes near to 59.06. USDINR will turn to long term sell mode if the support levels breaks on the weekly charts.
GANN Supports zone near 5005. More weakness below 5005 as next support near 4780. Avoid longs if nifty dips below 5005. Source: www.marketcalls.in