Daily Market Reflection 2nd May 2016 USDINR
Market Outlook Rupee slipped against the greenback in the beginning of the session and remained sideways to negative for the rest of the session. Major happening for the cross currency market was that Yen tested 18 month highs against dollar after its biggest weekly gain in over seven years. Some other key economic indicators which released are as follows: German Manufacturing PMI rises to three - month high as new order growth ticks higher, French manufacturing sector downturn deepens amid sharper fall in new orders, Italian Manufacturing sector sees strongest growth for four months in April. Fundamental News India's forex reserves continue to rise, reached a record high of $361.6bn. Yen hits 18-month high vs dollar as Japan seen in policy bind. Euro Zone Growth remains lacklustre as French downturn deepens. Swiss retail trade turnover falls by 2.4%.
Date
Date
29-04-16
02-05-16
USDINR
66.6650
66.7825
0.18%
EURINR
75.9700
76.6000
0.83%
GBPINR
97.4225
97.6975
0.28%
JPYINR
62.1800
62.5900
0.66%
Currency
Event
Previous
CNY
Caixin Manufacturing PMI
49.8
49.7
2:00am
GBP
Manufacturing PMI
51.3
51.0
2:30pm
EUR
PPI m/m
0.1%
-0.7%
USD
IBD/TIPP Economic Optimism
46.6
46.3
USD
FOMC Member Mester Speaks Total Vehicle Sales
-
-
17.3m
16.6m
8:00pm All Day
USD
Date % Change 02-05-16 66.3435 -0.26% 76.0562 0.43% 97.0207 0.19% 62.3100 0.56%
Close (5:00pm) 66.4138 92.90 1.1480 1.4634 106.63
Prev Close 66.3938 93.08 1.1481 1.4629 106.62
% Chg 0.03% -0.19% -0.08% 0.03% 0.00%
Global Commodities
7:15am
7:30am
USDINR EURINR GBPINR JPYINR
Rupee Dollar Index Euro Pound Japnese Yen
% Chg
Forecast
Date 29-04-16 66.5175 75.7303 96.8310 61.9600
Currency
Event Calendar (3rd May 2016) Time
Currency
Currencies vs $
Currency Future Currency
Reference Rate
Commodity Gold Silver Crude Copper
Close 1298.53 17.86 45.83 2.2725
Prev.Close 1291.66 17.70 45.46 2.2698
% Chg 0.53% 0.90% 0.81% 0.11%
Our Previous calls update Intraday super star Date Currency Entry Exit P/L 02/05 JPYINR 62.4100 62.5500 2800 Trifid special Date Currency Entry Exit P/L 02/05 EURINR 76.3600 76.6100 12000 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 around its near support as on daily charts but inched higher in the last hour.
EURINR opened gap up and bulls carried the pair on higher side on back of strong Euro against all global currencies and closed with gain of approx 0.83%.
If it sustains above 66.8000 then it may lead towards next resistance of 67.0000 while on lower side 66.6000 is still act as major support.
Strength can be seen in the counter till it sustains above the level of 75.5000 while any closing below 75.2000 can be a sign for correction.
R1 67.0000
R1
R2
S1
S2
76.8000
77.0000
76.4000
76.2000
R2 67.2000
S1 66.6000
S2 66.4000
GBPINR
JPYINR
GBPINR traded sideways as per previous close for most part of the session but hiked in the last hour to close the pair on positive note.
JPYINR opened gap up and sustained higher continuing the bulls for the fourth consecutive session and is continuously making new 52 week highs.
In this bullish trend for the counter, 98.0000 is still seen as the crucial resistance while 97.3000 is seen as immediate support for the counter.
Buy on dips is usually seen in this pair as 62.3000-62.1000 is seen as near support range from where buying can be seen while 63.0000 is seen as major resistance.
R1 97.9000
R1 62.8000
R2 98.1000
S1 97.5000
S2 97.3000
R2 63.0000
S1 62.3500
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S2 62.2000
Intraday Super Star (Premium Section)
GBPINR is able to sustain higher on daily charts since last few sessions and now is expected to move towards the trend line acting as resistance as shown in the chart above. BUY ABOVE 97.9500 TARGETS 98.1500/98.3500 SL 97.6000.
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Trifid Special (Premium Section)
EURINR gave positive breakout of the triangle pattern as per our previous reports and now is expected to continue its bull run if it holds above the immediate resistance on daily charts. BUY ABOVE 76.8350 TARGET 77.1000 SL 76.4500.
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