WEEKLY FOREX TECHNICAL REPORT 13 Nov – 17 Nov 2017
The rupee started the week with positive note and continue its upside movement throughout the week. Ahead Government bonds rose for a first time in four sessions on Thursday, as investors stepped up purchases after the notes had fallen to record lows amid fears a persistent rise in global crude oil prices will stoke domestic inflation.
The dollar was little changed at one-week lows against other major currencies on Friday, as concerns over the fate of a highly-anticipated U.S. tax reform bill weighed on the greenback. .
• The dollar came under pressure following news that the U.S. Senate Republicans’ bill tax overhaul would delay implementation until 2019.
• United Kingdom Industrial Production (YoY) above expectations (1.9%) in September: Actual (2.5%).
• United States 30-Year Bond Auction dipped from previous 2.87% to 2.801% in last week.
USDINR pair has given good recovery from its lower level and closed near to its important resistance mark. For upcoming week if its price manages to hold above 65.3500 level then it can give further move towards next resistance level. 65.0000 is act as a psychological support level.
EURINR pair drag down for its higher level but unable to break its support level of 75.3000 and closed with negative biasness. For upcoming week if it sustain below this support level then more selling can be witness. 75.7500 is good resistance level.
• The Chinese government on said it will raise foreign ownership limits in domestic financial firms, a long-anticipated step that grants greater access to overseas investors into the Asian giant’s financial services market.
• Singapore Retail Sales (MoM) dipped from previous 0.3% to -4.2% in September.
• Japan Tertiary Industry Index (MoM) below expectation (-0.1%) in October: Actual (-0.2%).
• UK minister David Davis said in a statement that UK government would use legislation to fix the time and date of the country’s exit from the EU’s membership.
(Click to submit your details) Just one step to get best trading tips and Recommendation.