oie_nk1EK4jmM1IA

Market Outlook

Indian Rupee was unable to continue the gains so made in the last two sessions and moved quietly for the entire session.

Major event which was keenly awaited was Japan monetary policy and Bank of Japan held monetary policy steady. Yen strengthened across the board and Nikkei 225 futures tumbled amid risk aversion as the Bank of Japan left monetary policy unchanged. The central bank voted 8 to 1 to keep its monetary base target unchanged at ¥80 trillion yen. On US front, the two day policy meeting of Fed Reserve ended on Wednesday indicated that global economic headwinds remained on its radar.

Fundamental News

  • BOJ’s steady policy stance supports Asia FX; ringgit extends gains.
  • Yen jumps after BOJ stands pat rather than increase stimulus.
  • China’s yuan strengthens on global dollar slump.
  • UK Annual pace of house price growth moderates in April.
  • BOJ’s Kuroda says Japan economy continues to recover moderately.

currency

USDINR

usd

curre2

USDINR

USDINR opened flat and expanded the losses in the first half of the session but gained in the later intraday session to close on a flat note with slight positive bias.

If it surpasses the good support of 66.7000 then it may further fall down whereas 67.0000 is still seen as important resistance.

usd

EURINR

EURINR opened the session at higher note and gradually moved northwards during the intraday to close in green as euro gained strength globally.

On daily charts, it needs to sustain above 76.0000 to gain strength while 75.5000-75.3000 is seen as support range.

EURINR

GBPINR

GBPINR opened the session on weak note as gap down opening was seen but it tried to move towards higher levels although closed weak as compared to previous close.

On daily charts, 97.7000 is still seen as strict resistance while sustaining below 97.0000 mark can be threat to the counter.

GBPINR

JPYINR

JPYINR became the most outperforming currency pair for the session on strength so gained by Yen due to reveal of it monetary policy which was kept unchanged and it finally ended gaining 3%.

62.0000 is seen as the nearest psychological mark while major support is seen around 61.3500.

JPYINR

Intraday Super Star

jpy_intr

JPYINR after gaining remarkable strength on back of Bank Of Japan’s monetary policy to keep its interest rates unchanged reached towards the 52 week highs and is expected to cross it and make new highs.

BUY ABOVE 61.8600 TARGETS 62.0000/62.2000 SL 61.6500.

intreur

EURINR closed near the trend line acting as important resistance and if it strongly breaches this trend line then some up move can be seen in the counter.

 BUY ABOVE 76.0000 TARGET 76.2500 SL 75.7500.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *