Friday, 5 February 2016

Update on Copper, Nickel and Zinc








Copper



Support at 315.50---314 and Resistance at 321
 
Above 321 will see rally till 324---328 else it could test its support level of 315.50---314 again

Three consecutive closes + weekly close below 314 will see panic till 310---306 mark

Trade with levels only


Nickel



Support at 575 and Resistance at 600

Two consecutive closes below 575 will take to 555---540 and then to 525 mark in days to come else it could test its resistance level of 600 again

Two consecutive closes above 600 will see further upside rally till 618---625 and then to 640+ mark in days to come

Trade with levels only



Zinc



Support at 114.80 and Resistance at 116.80---117.50

Close below 114.80 will take to 113---112 mark in days to come else it could test its resistance level of 116.80---117.50 again

Further upside rally seen only close above 117.50 mark

Trade with levels only



























More will update soon...

Update on Gold, Silver and Crude oil









Gold



Support at 27390 and Resistance at 27560
Close above 27560 will see further upside rally till 27730----27780 and then to 27900 mark in days to come else it could test its support level of 27390 mark

Decisive break and sustain below 27390 will see further panic till 27230---27180 and then to 27050 mark

Note: Three consecutive closes + weekly close above $1156 will see non stop rally in Gold..... To know more; Scroll down



Silver



 Three consecutive closes + weekly close above 35400 will see sharp upside rally in Silver till 37000---38000+ mark in days to come

Fresh selling can initiate only close below 34500 mark
Intraday...Support at 35500 and resistance at 36100

Looks positive and could test its resistance level of 36100 mark. Two consecutive closes above 36100 will see further upside rally till 36400---36700 mark

Below 35500... will see sharp downside correction till 35000---34800. Fresh selling can initiate only close below 34500 mark

Trade safely with levels only



Crude oil

 

Support at 2130 and Resistance at 2220---2290
 
Close below 2130 will take to 2070---2025 and then to 1960 mark in days to come else it could test its resistance level of 2220---2290 again

Trade with levels only






























More will update soon...

Currency Outlook - Consolidation will expect ahead of U.S. Non-Farm Employment Change




USDINR 



Dollar/rupee in the inter-bank offshore market extended fall for the second straight trading session, while the dollar index plunged to its lowest level in over three months Friday after the world's biggest economy reported dismal labour market data.

A double top candle stick resulted biggest single day fall in USDINR which drop more than 0.70%  and settled at 67.83 levels.

 Near term trend is expect to remain bearish following the breakdown of 67.90.   


On the other hand, USDINR would need to trade above the immediate resistance of 68.20, in order to test 68.40-68.55


Dollar Index 
 
Dollar index broke the crucial support 96.50 and tested 96.27 before closing at 96.51 yestserday, down by 0.76%. A rectangles breakdown on EOD chart is yet indicating for bearishness towards 95.80 and below in days to come.


EURO



EUR surged on Thursday to fresh 3-month highs, extending sharp gains from the previous session, as currency traders continued to gear up for the likelihood of a disappointing U.S. jobs report which could cap a stellar week for the euro.


EURINR continued its recovery rally for third consecutive day and after hitting a high of 75.2875 settled at 75.8025 levels.


 Today, EURINR would need to trade above 75.90 in order to test 76.20-76.50 on the upside; else any rise towards 75.80-75.90 is expected to witness bullish trend reversal.


Great British pound

The pound gave back some gains against the dollar to retrace from 1.4670 towards 1.4527 after the Bank of England voted to hold interest rates at current low of 0.5% in a unanimous vote and also cut its forecasts for economic growth.


Minutes from the Bank of England’s policy meeting showed that all nine members were in favor of leaving the key interest rate at a record low of 0.5%, as Ian McCafferty dropped his call for an interest rate hike for the first time in six meetings.


Market analysts expected the central bank to vote 8-1 to keep policy steady.
The BOE said it was holding the benchmark interest rate at 0.50%, in a widely expected move. The rate has been held at that level since March 2009.


 The central bank also said it was to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.

While,  GBPINR retraced from the 99.6150 and trading around 98.70 earlier and expected to take correction towards 98.35-98.00 following to the Bank of England policy decision.


Near term resistance is seen at 99.75 and sustains trade above only will expect to test 100.00-100.20 and above.


Japanese Yen 
 
Yen fluctuated in afternoon trades Thursday after slipping to two-week low in intraday trades on expectation Bank of Japan will have to unveil further steps to stimulate inflation and economic growth.


Technical Review

JPYINR gained more than 0.75% and settled at 57.65 levels. A breakout of near term resistance is indicating for bullishness in JPYINR and a break above 58.15 only could result positive move towards 58.40-58.60.




§  Major Economic Data & Events Schedule today

Time
Currency
Economic Indicators
Forecast
Previous
Possible Impact
10:30am
JPY
Leading Indicators
1.028
1.035
Negative
1:15pm
EUR
French Gov Budget Balance

-82.8B
-

EUR
French Trade Balance
-4.5B
-4.6B
Negative
7:00pm
USD
Average Hourly Earnings m/m
0.30%
0.00%
Positive

USD
Non-Farm Employment Change
189K
292K
Negative

USD
Unemployment Rate
5.00%
5.00%
Negative

Impact: High Low Medium
 






More will Update soon...