Wednesday, 29 July 2015

Daily Currency View - Neutral move could expect ahead of FOMC meet








USDINR August Future – Short term rend neutral




Dollar/rupee dropped to intraday low during evening trades Tuesday as foreign banks like JP morgan and Standard Chartered Bank were seen selling the American currency.



The dollar index plunged to over two-week low on dismal consumer confidence data ahead of the Federal Open Market Committee's monetary policy meet which concludes later today.


Technical Review


USDINR settled at 63.91, retraced 0.47% from the day high of 64.18 levels. Underlying trend is expected to remain indecisive ahead of the US Federal Open Market Committee meet, wherein the Fed Chair is expected to give an indication on a possible rate hike plan in the world's largest economy. 


In near term correction is expected to come below 63.90 levels or sell on rise towards 64.20-64.15 levels.




EURINR - August Future expect to test 70.80-70.60


Euro snapped its gain on Tuesday on hope that the recent slew of robust economic data from the world's largest economy may force the Federal Reserve to give hints about the timing of a possible rate hike in the FOMC statement due Wednesday.


Technical Review:


EURINR has stalled its recent bullish trend and saw a pull down towards 70.52 from the peak of 71.0925 while buy strategy given above 71.20 was not initiated.  

Today, pair is expected consolidate or may show indecisive move ahead of FOMC meeting. In near term correction is expected to come below 70.80 levels following to the long bearish candle stick formation


GBPINR – August Future may fluctuate around 100.00-100.40



Pound extended gain for a second trading session Tuesday after United Kingdom preliminary second quarter gross domestic product growth expanded, meeting analysts forecast, and increasing bets that the Bank of England may hike interest rates soon.


Technical Review



GBPINR extended its recent volatile trend on Tuesday also and after hitting a low of 99.42 pair saw sharp pullback towards 99.8825 before closing at 99.72.

Today, a break below 100.10 could result in negative move towards 99.75-99.50 levels



JPYINR  - August Future expect to trade volatile


Yen snapped a three-day gain on higher risk appetite after Asian stocks rebounded on attractive valuations.


Technical Review


JPYINR has stalled its recent bullish trend and back towards 51.67 from the high of 52.00 yesterday. 

Today, pair is expected to show consolidation or indecisive move ahead of FOMC meeting.
In near term correction is expected to come below 51.90 levels and following to the long bearish candle stick formation.









Major Economic Data & Events Schedule today

Time
Currency
Economic Indicators
Forecast
Previous
Possible Impact
5:20am
JPY
Retail Sales y/y
1.10%
3.00%
Negative
11:30am
EUR
GfK German Consumer Climate
10.2
10.1
Positive
2:00pm
GBP
Net Lending to Individuals m/m
3.0B
3.1B
Negative

GBP
M4 Money Supply m/m
0.40%
0.50%
Negative

GBP
Mortgage Approvals
66K
64K
Positive
3:30pm
GBP
CBI Realized Sales
31
29
Positive
7:30pm
USD
Pending Home Sales m/m
1.20%
0.90%
Positive
11:30pm
USD
FOMC Statement
-
-
-

USD
Federal Funds Rate
<0.25%
<0.25%
Neutral
                                                       
Impact: High Low Medium











More will Update soon... 

Thought for the day












 
 
 
 
 
 
 
 
 
 
 

Tuesday, 28 July 2015

Update on Bullion, Base Metal and Energy






Hope you all traded with levels in the market... Enjoyed or Not???



Image result for commodity updates



Have a look on it!!




Gold




Yesterday... we recommended selling in Gold around 24950 with stop loss of 25050. Booked full profit around 24750
 
Now what to expect???
 
Support at 24650---24400 and Resistance at 25050---25200
 
Traders can trade in a range with strict stop loss and wait for confirmation. Anything seems will update via SMS



Silver

Last week, we clearly indicated that if Silver unable to breach its resistance level of 34400 then it could test its support level of 33700---33200. It made a high of 33384 and crashed vertically to 33310 and now trading around 33800
 
Now what to expect???
 
Silver has support at 33200 and Resistance at 34150---34400

If it unable to breach its resistance level of 34400 then it could test its support level of 33200 again

Further downside panic seen only close below 33200 mark

Upper side seems limited and any sharp rise will be selling opportunity but trade with levels only



Copper


Told to sell Copper below 343 with stop loss of 348. Crashed and made a low of 334.25 and now trading around 336
 
Now what to expect???

Close below 333 will take to 328---325 and then to 318 mark in days to come

Revise stop loss of 341 on closing basis



Zinc


 
Told to sell Zinc below 126.80 with stop loss of 128.50. Crashed vertically and made a low of 123.40 and now trading around 123.80
 
Now what to expect???
 
Support at 123.30 and Resistance at 126.80

Close below 123.30 will take to 121.50---120.00 mark in days to come
 
Revise stop loss of 126.80


Aluminium


Support at 102.50 and Resistance at 104

Two consecutive closes below 102.50 will take to 101----99.50 and then to ???

Fresh buying can initiate only close above 104 mark

Upper side seems limited but trade with levels only as no charm seen in it

Anything seems will update via SMS
 
 
 
 
Lead
 
 
 
 Looks weak and could test its support level of 107. Further panic seen only close below 107 mark else it could test its resistance level of 109.50---110.20 again
 
Trade with levels only



Crude oil



Told to sell fresh below 3150 and we are holding short from 3280 mark. Just made a low of 3035

Now what to expect???

Close below 3030 will take to 2970---2930 and then to 2850 mark in days to come

Revise stop loss of 3105






































More will update soon...