Daily Market Reflection 12th May 2016 USDINR
Market Outlook Rupee opened with a fall against the American currency with the start of the session but gradual appreciation was seen in the pair during the session. The reason for such depreciation was due to the fact that Indian shares fell on Mauritius tax rule change. Most emerging Asian currencies edged up on a broad decline in the dollar on Wednesday, but pared earlier gains on new concerns China's economy may lose steam amid rising debt levels. United Kingdom released its Manufacturing Production data (MoM) which is below forecast (0.3%) in March: Actual (0.1%). Fundamental News
Currency Rupee Dollar Index Euro Pound Japanese Yen
Date
Date
10-05-16
11-05-16
USDINR
66.8825
66.8050
-0.12%
EURINR
76.0475
76.1725
+0.16%
GBPINR
96.5275
96.4275
-0.10%
JPYINR
61.3325
61.4450
+0.18%
% Chg
Event
Forecast
Previous
5:20am
JPY
Current Account
1.90T
1.73T
4:30pm
GBP
BOE Inflation Report
-
-
GBP
0-0-9
0-0-9
-
-
-
-
277K
274K
4:30pm
GBP
MPC Official Bank Rate Votes Monetary Policy Summary
5:15pm
USD
BOE Gov Carney Speaks
USD
Unemployment Claims
4:30pm
6:00pm
% Change -0.03% +0.01% +0.33% +0.13%
Close (5:00pm) 66.5963 94.0400 1.1400 1.4434 108.75
Prev Close 66.6787 94.2900 1.1384 1.4446 108.80
% Chg -0.12% -0.26% +0.14% -0.08% -0.04%
Global Commodities
Event Calendar (11th May 2016) Currency
Date Date 10-05-16 11-05-16 66.7224 66.6958 75.9568 75.9665 96.1069 96.4335 61.3500 61.4300 Currencies vs $
Currency Future
Time
Currency USDINR EURINR GBPINR JPYINR
Rupee slips 16 paise in early trade against US dollar amid fears of foreign outlfows. Weak dollar supports Asia FX; China's debt worries limit upside. China's yuan edges up in line with midpoint, dollar moves. Japan Leading Index Lowest Since Nov 2012.
Currency
Reference Rate
Commodity Gold Silver Crude Copper
Close 1275.40 17.52 44.72 2.1088
Prev.Close 1270.16 17.19 44.40 2.0985
% Chg +0.41% +1.91% +0.72% +0.49%
Our Previous calls update Intraday super star Date Currency Entry 11/05 EURINR Trifid special
Exit -
P/L -
Date Currency Entry Exit 10/05 GBPINR 96.5700 For our next calls click here……..
P/L -
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Overview USDINR
EURINR
USDINR opened gap up and even breached the important 67.0000 mark but was not able to sustain at such levels for long rather dragged down throughout the session and finally closed in red.
EURINR moved in tight range in intraday session after opening slightly higher against the previous closing and managed to close around it.
If it breaches the trend line so shown in daily chart then it may fall towards the immediate support of 66.6000-66.5000. R1 67.1000
R2 67.3000
S1 66.7000
S2 66.5000
Immediate support is still seen as 75.9000 o daily chart while positive breakouts can be seen above 76.4000 on closing basis. R1
R2
S1
S2
76.4000
76.6000
76.0000
75.8000
GBPINR
JPYINR
GBPINR moved in the same range as of previous session and again was not able to sustain on higher side and settled with negative bias.
JPYINR opened higher on daily charts but was not able to move further towards next highs and hovered in tight range during the entire session.
The counter is facing stiff resistance around 100 day EMA of 97.0000 while 96.1000-95.9000 may act as support range.
If it is able to sustain above 61.7000 then it may move towards 62.0000 in coming sessions while 61.1000 is seen as nearest support.
R1 96.7000
R1 61.7000
R2 96.9000
S1 96.2000
S2 96.0000
R2 61.9000
S1 61.3000
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S2 61.1000
Intraday Super Star (Premium Section)
USDINR violated the key resistance mark of 67.0000 which was also around its 100 day EMA as it was unable to sustain at these levels. Further, sell offs are expected on such reversals. SELL BELOW 66.7500 TARGETS 66.6300/66.5000 SL 66.9500.
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Trifid Special (Premium Section)
GBPINR closed higher as compared to its weak opening which recommends that buying on dips can be seen in the counter. Hence, buying momentum can be seen in it in coming few sessions. BUY ABOVE 96.5700 TARGET 97.0700 SL 95.9000.
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