Tuesday, 30 June 2015

Update on Bullion and Base Metal








Gold



Support at 26400 and Resistance at 26820

Above 26650... will see rally till 26730---26820. Decisive break and sustain above 26820 will see further upside rally till 27200---27300+ mark in days to come

Fresh selling can initiate only close below 26400 mark

Two consecutive closes below 26400 will see further panic till 26050---25800 mark in days to come

Trade with levels only




Silver



Support at 35900 and Resistance at 36500

Two consecutive closes above 36500 will take to 37300---37800+ mark in days to come else it could test its support level of 35900 again

Fresh selling can initiate only close below 35900 mark

Trade with levels only



Copper



Told to sell around 372 with stop loss of 375. Just made a low of 365.60

Now what to expect???

Copper (Aug) has support at 369 and Resistance at 376.50

Two consecutive closes below 369 will take to 364---359 mark. Further panic seen only weekly close below 359 mark

Fresh buying can initiate only close above 376 level

Trade with levels only



Nickel



Told to sell below 780 with stop loss of 790. It crashed vertically and made a low of 710.60 and bounced back sharply
 
Now what to expect???

Support at 700 and Resistance at 750---780

Traders can trade in a range with strict stop loss and wait for confirmation. Anything seems will update via SMS


Zinc


Told to sell below 128.30 with stop loss of 130.50. Crashed vertically and made a low of 124.95. Booked full profit around 125.80

Now what to expect???

Zinc (July) has support at 125.50 and Resistance at 128.50

Two consecutive closes below 125.50 will take to 124---123 mark in days to come

Fresh buying can initiate only close above 128.50 mark


Lead


Told to sell below 111.30. Just made a low of 110.50 and now trading around 111

Now what to expect???

Lead (July) has support at 111 and Resistance at 114

Two consecutive closes below 111 will take to 109---108 mark in days to come

Maintain stop loss of 114



Aluminium


Support at 106.50 and Resistance at 108

Two consecutive closes below 106.50 will take to 105---104 mark in days to come else it could test its resistance level of 108 again

Further panic will see above 108 mark

Trade with levels only





























More will update soon...

Daily Currency View - Greece nears a default in the 1.6 billion euro payment to the IMF later today





Image result for global currency






USDINR Strong resistance 64.60 sells on every rise towards 64.45-64.50.

Dollar/rupee ended up for the fourth straight trading session Friday on month-end demand for the greenback mostly from oil and defense importers amid uncertainty over Greece's bailout.

Technical Review

Sell strategy above 64.00 levels was not initiated on Monday as USDINR continued to trade above 64.20 levels and settled with a gain of 0.37% at 64.21 levels. 


Near term strong resistance is 64.60 and it’s expected any jump towards 64.40-64.45 could attract selling activities in the pair.

Further, USDINR would need to trade above 64.60 levels in order to give positive move towards 65.00.




Greece news will decide near term trend for Euro

Euro declined to near one-month low as the financial crisis in Greece worsened and the debt-ridden country nears a default on the Jun 30 payment to the International Monetary Fund.

Technical Review:

After hitting a low 70.4250 in morning trade EURINR gave sharp recovery and settled at 71.3750 levels.

Near term trend is expected to remain volatile as Greece debt voice will decide currency trend.

A long bullish candle stick formation is indicating for short term pullback in EURINR


 Traders may go short around 71.75-71.80 stop loss 72.00.00 Target 71.20-70.80. 

or

Above 72.20 buy for target 72.80-73.00. Stop loss 72.00.
 

U.K. Current Account and GDP data during the noon will decide intraday trend for GBP

Pound dropped to near two-week low on safe-haven appeal for the dollar rose as Greece looked set to default on the International Monetary Fund payment ahead of a referendum.

Technical Review

Buy strategy given above 100.70 was failed to test upside target 101.25 as after hitting a high of 100.7450 GBPINR saw pull down towards 100.46 and settled at 100.55.

Today, GBPINR would need to trade below 100.45 in order to down side move towards 100.00-99.80 else short term buying will expect with stop loss 100.45.

Recommendation 

Buy around 100.70-100.65. Target 101.00 above 101.01 will expect to test 101.35-101.50. Stop loss below 100.50.

 

 
Near term trend is bullish in JPYINR

Yen traded up on Monday as Greek government imposes capital control on banks amid European Central Bank's decision to suspend further emergency liquidity support to Greek bank forcing investors into the safety of yen.

Technical Review

JPYINR witnessed 0.81% positive as was expected on Monday pair hit both upside target of 52.25-52.50 levels.  

Today, traders can buy around 52.40-52.35. Target 52.68-52.85 Stop loss 52.50.






Major Economic Data & Events Schedule today

Time
Currency
Economic Indicators
Forecast
Previous
Possible Impact
11:30am
EUR
German Retail Sales m/m
0.00%
1.70%
Negative
12:15pm
EUR
French Consumer Spending m/m
0.30%
0.10%
Positive
1:25pm
EUR
German Unemployment Change
-5K
-6K
Positive
1:30pm
EUR
Italian Monthly Unemployment Rate
12.50%
12.40%
Positive
2:00pm
GBP
Current Account
-23.7B
-25.3B
Positive

GBP
Final GDP q/q
0.40%
0.30%
Positive

GBP
Index of Services 3m/3m
0.50%
0.40%
Positive

GBP
Revised Business Investment q/q
1.80%
1.70%
Positive
2:30pm
EUR
CPI Flash Estimate y/y
0.20%
0.30%
Negative

EUR
Core CPI Flash Estimate y/y
0.80%
0.90%
Negative

EUR
Unemployment Rate
11.10%
11.10%
Neutral

EUR
Italian Prelim CPI m/m
0.30%
0.20%
Positive
Tentative
EUR
Italian 10-y Bond Auction
-
1.83|1.4
-
All Day
EUR
Eurogroup Meetings
-

-
4:30pm
GBP
MPC Member Haldane Speaks
-
-
-
6:30pm
USD
S&P/CS Composite-20 HPI y/y
5.30%
5.00%
Positive
7:15pm
USD
Chicago PMI
50.2
46.2
Positive
7:30pm
USD
CB Consumer Confidence
97.1
95.4
Positive
                                         
Impact: High Low Medium











More will Update soon....