oie_2052455QiXT08Tw

Market Outlook

The Rupee continued its stellar run against the US currency and closed at a fresh 2-1/2 month high of 67.31 on heavy dollar unwinding by speculative traders and exporters. Stretching its powerful rally for the 8th straight session — its biggest winning run in recent past, the home unit appreciated by another 6 paise against the greenback.
The dollar slipped to its lowest levels since mid-November on Thursday after the Federal Reserve disappointed investors hoping for a more hawkish policy stance, while the Australian dollar rallied after data showing a record trade surplus.

Fundamental News

•    United States CFTC USD NC net positions dipped from previous $72.9K to $70.8K.
•    Japan CFTC JPY NC net positions increased to ¥-58K from previous ¥-66.8K.
•    European Monetary Union CFTC EUR NC net positions increased to €-46K from previous €-52.3K.

USDINR

USDINR slipped for the fifth successive session and closed around the major support on daily chart.If the currency pair sustains below the important support of 67.4000 then it may further dip towards deeper support levels while 67.7000 is seen as immediate resistance.

21

EURINR

EURINR showed a sharp fall with the beginning of the session and closed on weak note.If it sustains below the major support of 72.8000 as seen on daily chart then it may further slip towards next support of 72.2000.

22

GBPINR

GBPINR showed large gap down with the start of the session and closed with a loss of more than 1.5%.Now, next psychological support so seen is 84.0000 below which 83.7000 is marked as important support whereas on higher side 84.7000-85.0000 may act as resistance range.

23

JPYINR

JPYINR after a short pull back on higher side again reversed from higher levels and closed on a weak note.It has been observed that 60.0000 is seen as stiff resistance for the pair as it is unable to hold over there whereas 59.4000 will continue to act as important support.

24

(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Your email address will not be published.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 *