Rupee : Rupee is expected to move close to 48.30 levels (slight weak) in case dollar maintains momentum in international market like Friday. We would consider it has an opportunity to initiate short dollar positions.The Indian stocks has been falling from the last 2 trading sessions. Only and Only if the dollar momentum continues and Indian stocks sell off pushes rupee above 48.60 we would consider medium term weakness otherwise rupee maintains stronger bias.(USD/INR : 47.78)
Euro : Euro broke the support of 1.42 levels on Friday despite better payroll data. We maintain bullishness only and only if 1.42 above stays otherwise we could see corrections till 1.4007 levels. Wait for the confirmations today to initiate positions.(EUR/USD 1.4198)
Cable : Cable showed both sides move post non farm payroll ending the US Session on a weaker note close to 1.6660 levels. It has shown a shooting star bearish pattern taking resistance from the 100 day Weekly resistance at around 1.7060 levels. It needs to remain above 1.6750 to maintain bullishness in the pair. Current bias shifts to neutral since 1.6732 has been broken to the downside. Expect corrections till 1.65 levels incase it is unable to stay above 1.6750. (GBP/USD 1.6711) .
Yen: Yen broke the weekly trendline of 95.40 after a long phase of consolidation . Expect the levels to act as an important support now and target 99 levels in medium term. (USD/JPY 97.20).
Aud : Aud has been maintaining a stronger bias from the last few sessions.We have not witnessed huge corrections in commodity prices despite dollar buying on Friday.It is bullish until we see a break below 0.7950.(AUD/USD -0.8384).
Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) rebounded close to 77 levels. Expect retracement till 79.50 levels.Closing above 82 levels would change the bias of the index. (Dollar Index - 78.80).
DISCLAIMER
These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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World economical markets, and particularly the International Exchange areas, are naturally risky and it is believed that those who deal these areas are fully informed of the threat of real loss engaged.
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