The Dollar Index looks weak towards 103, while the Euro may rise to 1.10 while above 1.09. EURJPY could see a small corrective drop to 161 before heading towards 165/166 in the medium term. USDJPY has broken below 150 and could head towards 148. A top seems to have been made at 152. Aussie needs to break above 0.6550 to move higher towards 0.66/67 while Pound is slowly moving up towards 1.26. Watch the price action at 88 on USDRUB which can be very bearish if broken. USDCNY fell sharply and could fall further towards 7.15/10 while below 7.20. EURINR has room to rise slowly towards 92 while USDINR remains stuck in 83.00/10-83.30.
US Treasury yields are hovering above their key supports. They need to hold above their support to avoid further declines and keep alive the chances of a rally from here. German yields may dip to test their supports and then reverse higher. The 10Yr and 5Yr GoI look weak. They have room to fall further from here.
Dow Jones can see a test of 35400-35500 on the upside before a reversal can happen. DAX remains bullish in the near term. Nifty broder outlook remains bullish as long as it remains above support at 19500. Nikkei lacks strength to rise above resistance at 33500. Shanghai has bounced back as support at 3025 held well and can go higher.
Brent and WTI have rallied sharply but need to clear the resistance ahead to reduce downside pressure. Gold has pulled back slightly but the outlook remains bullish as long as it holds above support at 1960. Silver has fallen back and failed to break above 24.30 and may fall further if it stays below 24. Copper looks bullish for a test of 3.80. Natural gas has fallen back towards its immediate support at 2.9. We will have to see if it holds or not.
