Indian currency appreciated for the second consecutive session against US Dollar and was able to sustain on higher side and finally closed on positive note. Market sentiment looked somewhat mixed again as despite a corrective move on the dollar and further gains on the oil price has driven some strong moves on equities in recent days. The dollar weakness comes as traders look ahead to the announcement of key US data to end the week and the prospect of Yellen speech that could define trading for the coming weeks.
- Dollar’s retreat supports Asia FX, Yellen awaited.
- Yen soars as markets jumpy over intervention risks, tax decision.
- Sri Lankan rupee forwards trade weaker on importer dollar demand.
- UK Index of Services (3M/3M) in line with forecasts (0.6%).
USDINR extended the bears so seen in the previous session and closed in red for the second consecutive session.
Now, it is expected to fall towards 100 day EMA of 67.0000 which is also near to the trend line coming from recent lows while 67.4000 may act as strict resistance.
EURINR remained lower for the second consecutive session and closed again in red.
Trend line breakout on daily charts suggests it may further fall towards 100 day EMA of 74.9500 while 75.5000 will act as important resistance.
GBPINR was unable to hold above 99.0000 mark and dropped during the session to close on weak note.
Trend of the pair seems to be strong so buy on dips can be seen where 99.2000 may act as resistance while 98.0000 is seen as major support from current levels.
JPYINR gradually dropped from the recent highs so made and now closed near to the strong support of 61.0000.
Any closing below 60.9000 can welcome bears for coming sessions while sustaining above 61.3000-61.5000 will support recovery from current levels.
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