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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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