Daily Market Reflection 2nd May 2016 USDINR
Market Outlook Rupee was trading flat for most part of the session but with positive bias against dollar which finally helped rupee to gain in the last trading hour. On global front, Japanese Yen continued to extend its gains as in the previous session in the overnight trade which rose it to highest level in 18 months. On the other hand, dollar declined against all the major currencies following the disappointing Q1 GDP data which revealed the fact that world’s largest economy grew at an annualized pace of 0.5% against expectations of 0.7%.
Reference Rate Currency
Fundamental News
USDINR EURINR GBPINR JPYINR
Yen hits 18-month peak, stays firm after BOJ skips easing. China's yuan comes off early highs as state banks offer fewer dollars. GDP up by 0.6% in the euro area and by 0.5% in the EU28. Euro area annual inflation down to -0.2%. Italy Producer Price Index (MoM) increased to 0.2% in March from previous -0.4%.
Currency Rupee Dollar Index Euro Pound Japnese Yen
Date
Date
27-04-16
28-04-16
USDINR
66.8875
66.6775
-0.31%
EURINR
75.8900
75.9850
0.13%
GBPINR
97.2700
97.4700
0.21%
JPYINR
61.8150
62.1700
0.57%
% Chg
Currency
Event
Forecast
Previous
USD
FOMC Member Dudley Speaks
-
-
12:45pm
EUR
Spanish Manufacturing PMI
53.0
53.4
1:15pm
EUR
Italian Manufac.PMI
54.1
53.5
7:15pm
USD
Final Manufacturing PMI
51.5
51.5
EUR
ECB President Draghi Speaks ISM Manufacturing PMI
-
-
51.6
51.8
4:45am
7:30pm 7:30pm
USD
% Change 0.17% 0.40% 0.58% 1.04%
Close (5:00pm) 66.3938 93.38 1.1402 1.4615 107.04
Prev Close 66.5575 94.57 1.1388 1.4644 107.34
% Chg -0.24% -1.25% 0.12% -0.19% -0.27%
Global Commodities
Event Calendar (2nd May 2016) Time
Date 29-04-16 66.5175 75.7303 96.8310 61.9600
Currencies vs $
Currency Future Currency
Date 28-04-16 66.4045 75.4222 96.8310 61.3200
Commodity Gold Silver Crude Copper
Close 1279.00 17.81 46.46 2.2648
Prev.Close 1274.62 17.76 46.04 2.2328
% Chg 0.34% 0.28% 0.91% 1.43%
Our Previous calls update Intraday super star Date Currency Entry Exit P/L 28/04 EURINR 76.0000 76.2400 9600 Trifid special Date Currency Entry Exit P/L 28/04 JPYINR 61.8600 62.2000 6800 For our next calls click here……..
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Overview USDINR
EURINR
USDINR after opening flat traded sideways for most part of the session but rupee appreciated against the greenback in the last trading hour and finally settled in weak zone.
EURINR opened gap up and was not able to sustain on higher levels so strongly; however managed to close higher as per previous close.
On daily charts, it is facing constant resistance on higher side and so 67.000 is still seen as stiff resistance while 66.45000 is the nearest support.
It is likely to face key resistance around 76.4000 while support can be seen in the range of 75.7000-75.5000. Closing below this support range can affect the pair in adverse way.
R1 66.9000
R1
R2
S1
S2
75.6000
75.4000
76.1000
76.3500
R2 67.1000
S1 66.5000
S2 66.3000
GBPINR
JPYINR
GBPINR opened on strong note but gradually dragged down during the session but however was able to close higher as compared to previous close.
JPYINR continued the gains so made in the previous session and sustained higher crossing the strict resistance and psychological level of 62.0000.
Now, the counter is facing stiff resistance around 98.0000 while 97.0000-96.9000 is seen as support range.
Now, strength can be seen till it holds above 62.0000 while 61.8000 can be seen as major support from current levels.
R1 97.7000
R1 62.4000
R2 98.0000
S1 97.3000
S2 97.0000
R2 62.70000
S1 62.0000
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S2 61.8000
Intraday Super Star (Premium Section)
JPYINR continued the gains so made by the pair in previous session and Yen marked 18 months highs against the greenback. If Japanese Yen continue to gain then buying sentiments can again be seen above 62.4100. BUY ABOVE 61.4100 TARGETS 62.5500/62.7000 SL 61.2000.
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Trifid Special (Premium Section)
EURINR sustained above the trend line so coming from highs as seen in the chart above. Now, if it is able to sustain higher then bull can again become active above the immediate resistance mark. BUY ABOVE 76.3600 TARGET 76.6100 SL 75.1000.
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