Forex Trading Tips

Market Outlook

The Rupee today staged a smart rebound and closed 26 paise higher at 64.41 against the US dollar.
In the global market, the dollar remained under pressure in early trade today, with US President Donald Trump stating that he prefers a weaker US currency, hurting investing appetite for the greenback.
The yen hit five-month highs against the dollar, euro and sterling on Wednesday, as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favour.

Fundamental News

•    Japan Industrial Production (YoY) declined to 4.7% in February from previous 4.8%.
•    China FDI – Foreign Direct Investment (YTD) (YoY) climbed from previous -2.3% to 1% in March.
•    Australia Westpac Consumer Confidence Index down to 99 in April from previous 99.7.

USDINR

USDINR opened gap down and sustained at lower levels and finally closed the session on weak note.
On daily chart, 64.3000 is seen as good support for the currency pair whereas 64.6000-64.8000 may continue to act as resistance range.

1

EURINR

EURINR dipped during the session after opening at higher levels in the early session.
The counter faced strong resistance near the mark of 69.0000 and sustaining below it can further drop it towards immediate support of 68.5000.

2

GBPINR

GBPINR showed higher highs since last four sessions and closed on a flat note.
Some correction on lower side is expected if the pair holds below the level of 81.0000 whereas 80.6000 may act as important support for it.

3

JPYINR

JPYINR sustained in the same range as of previous session and closed on a flat to positive note.
Strength may continue till it sustains above the resistance of 59.2000 and may lead to 59.5000. On lower side, 59.0000-58.8000 is seen as immediate support range.

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