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Market Outlook

Indian Rupee appreciated with the start of the session but lost some shine in the second half.

Major movements in cross currencies were seen from the broad gains so made by Japanese Yen as it hiked to two month high against the Australian dollar and 18-months high against dollar. Another economic indicator at alert was UK PMI which fell below the critical no change mark of 50.0 for the first time since March 2013. On Asian front, China’s operating conditions across the manufacturing sector continued to deteriorate in April.

Fundamental News

  • Yen hits 18-month high; Aussie slides as RBA eases policy.
  • Dollar falls below 106.00 yen, lowest since Oct 2014.
  • Australia’s Central Bank Cuts Key Rate to 1.75% to Combat Disinflation.
  • Industrial producer prices up by 0.3% in euro area.
  • UK PMI falls to lowest level since February 2013.
  • Swiss Consumer sentiment remains below average.

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usd1

cur2

USDINR

USDINR opened weak and remained on lower side for first half of the session but gradually gained momentum from lower sides and was able to give flat closing.

On daily charts, lower lows and lower highs are witnessed which can give a bounce towards 67.0000 mark while 66.5000 is still acting as major support.

usdinr

EURINR

EURINR again opened gap up for the fifth consecutive session and remained at higher levels closing strongly gaining approx 0.90%.

On daily charts, it is running higher on the breakout of triangle pattern. On lower side,76.7000 is seen as support from current levels while 77.9000 as major resistance.

eurinr

GBPINR

GBPINR traded higher in the first half of the session but showed some weakness in the last hour which made it to lose certain momentum.

On daily charts, it is at crucial point i.e. near upper band of channel pattern which refers buying can be seen if it gives breakout above it while support is seen around 97.6000.

GPBINR

JPYINR

JPYINR showed continuous bull rally for the fourth consecutive session and hence making newer highs on daily basis.

It has already tested psychological mark of 63.0000 and if it is able to sustain above then further new highs can be seen while 62.6000-62.4000 may act as immediate support.

jpyinr

intraday

INTR_EUR

EURINR had continued the bullish breakout and is expected to continue the trend further if it is able to hold above the mentioned level.

BUY ABOVE 77.3500 TARGETS 77.4700/77.6000 SL 77.1900.

INTR_GBP

GBPINR tested the upper band of channel pattern but closed below it. The counter can give bullish breakout if it is able to sustain above this technical pattern.

 BUY ABOVE 98.3150 TARGET 98.5600 SL 97.9200.

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