Forex Trading Tips

Market Outlook

The Rupee opened 5 paise higher at 67.80 against dollar on account of buying of American currency by bank and importers amid sustained inflows by foreign institutional investors.
The dollar edged up in European trading on Monday as investors shrugged off a lack of motives to buy it last week and awaited more clarity on the strength of the U.S. economy and pace of future interest rate hikes. After wobbling in Asian trading hours, the dollar index .DXY , which measures the greenback against a basket of major currencies, ticked 0.2 percent higher in morning European trade.

Fundamental News

•    European Monetary Union Unemployment Rate meets expectations (9.5%) in February.
•    United Kingdom Markit Manufacturing PMI came in at 54.2 below forecasts (55.1) in March.
•    Italy Unemployment below expectations (11.9%) in February: Actual (11.5%).

USDINR

USDINR opened on a weak note but gained momentum thereafter to close in green territory.
The currency pair did not sustained below the mark of 65.0000 and closing above it indicates certain correction towards next resistance of 65.5000.

1

EURINR

EURINR traded in sideways fashion for the most part of the session and closed on a flat to negative note.
If the counter holds above 68.8000 then it can further show up move as a result of correction whereas 69.4000 may act as key support for it.

2

GBPINR

GBPINR extended its gains above the three day consolidation and closed on a positive note.
If the bulls continue on charts then it may move towards the resistance of 82.1000 whereas falling below 81.0000 can be a weak sign for the pair.

3

JPYINR

JPYINR rose after the three days consecutive fall and closed the session on a positive note.
Bullishness is expected to continue and may move towards the next resistance range of 58.8000-59.0000. On lower side, 58.2000 may act as immediate support.

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