Forex Trading Tips

Market Outlook

The rupee on Friday staged a mild recovery by gaining 5 paise to close at 64.58 against the US dollar in a cautious trade marked by nervousness ahead of the Goods and Services Tax (GST) rollout.
The dollar languished near a nine-month low against a basket of currencies on Friday, bogged down by growing expectations of more hawkish monetary policies in Europe and Canada and doubts about another US interest rate increase this year. While China’s yuan hit its highest in more than seven months as the dollar eroded after investors priced in tighter monetary policy in Europe.

Fundamental News

•    United States CFTC USD NC net positions climbed from previous $8.6K to $25K.
•    European Monetary Union CFTC EUR NC net positions: €58.7K vs €44.9K.
•    Japan CFTC JPY NC net positions down to ¥-61.4K from previous ¥-50K.


USDINR opened on a strong note but could not sustain at higher levels and closed on weak note.
The reversal candlestick so shown on daily chart suggests that correction may take place on lower side whereas 65.0000 may continue to act as important resistance.



EURINR opened gap up but gradually dragged down and closed on a flat note.
If the currency pair sustains below the mark of 74.0000 then it may drop towards the support of 73.8000-73.6000 whereas 74.5000 is seen as stiff resistance.



GBPINR tried to continue the rally but selling pressure so witnessed in the second half made it to close in red.
On higher side, 84.7000 is seen as stiff resistance surpassing which can carry the pair higher while 83.5000 may act as immediate key support.



JPYINR opened higher above the previous close and sustained at those levels.
However, the counter is likely to face resistance at higher levels i.e. around 58.2000 while holding below 57.8000 can further drag the pair.


(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Your email address will not be published.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 *