By Areena Fx- Dollar Index: The Dollar Index failed to hold above 107 and has since dropped below that level. The upside seems limited around 108, and any tests of this resistance or from current levels could push the index lower. The Euro, if it maintains its current upward momentum, could test the 1.0550-1.0600 range in the coming sessions.
- EURINR: Needs a decisive break above or below the 88-90 range for clearer directional signals.
- Aussie (AUD/USD): Continues to trade below 0.64, though a drop below 0.6350-0.6300 is not expected. A bounce higher could occur if prices test those lower levels.
- Pound (GBP/USD): May extend its decline within the 1.2750-1.2450 range if it breaks below 1.26.
- USDCNY: Bullish outlook remains intact while above 7.25, with further upside toward 7.30-7.35.
- USDJPY & EURJPY: Both pairs are rising as expected, with immediate resistances near 155 and 163, respectively. A break above these levels could either continue the upward momentum or push the pairs back to previous levels.
- USDINR: For this week, likely to trade within the 84.85-84.70 range. Broadly, a range of 84.90-84.68 may hold until the end of December.
Treasury Yields & Global Markets:
- US Treasury Yields: Continue to rise towards key resistances. Price action around these levels will need close monitoring. The US Federal Reserve meeting on Wednesday will be a critical event, especially regarding their economic projections.
- German Yields: Rising trend continues, with more room for further gains.
- 10Yr GoI (India): Has dipped slightly but could rise again before a potential reversal.
Equity Markets:
- Dow Jones: Bearish towards 43000-42000 as long as it remains below 44000.
- DAX: Can rise towards 20700-21000 while staying above 20200.
- Nifty: Plunged to 24200 but reversed above 24700. If it holds above 24700, a rise to 25000 is possible.
- Nikkei: Steady around 39500, with a break above this level potentially targeting 40000, while a dip could push it back to 39000.
- Shanghai: Below 3400, keeping a bearish view with targets around 3350-3300.
Commodities:
- Brent & WTI: Upward targets of 75.5-76.0 and 72.5-73.0, respectively.
- Gold & Silver: Declines continue, with ranges of 2600-2750 and 30.5-32.5 holding steady.
- Natural Gas: Stays within 3.2-3.6.
- Copper: Bearish toward 4.10-4.05 below 4.20.
This analysis outlines potential levels and key market movements to monitor in the coming sessions.