DAILY FOREX REPORT FOR
EXPORTERS AND IMPORTERS
(inter-bank prices below)
Momentum is still very
bullish for the US dollar. Only profit booking on long US dollar positions will
result in weakness. Economic factors are not affecting currency markets as
focus is on political factors. Turkey not resorting to capital controls is a
positive sign. There is hope that US-China talks will end the trade war with
China. Nothing is clear at the moment. Volatility will rise.
India
Trading volumes will be thin as
Mumbai is closed due to “Parsi New Year”.
Global factors will dictate more than domestic factors. Euro/Indian Rupee (Euro/inr CMP 79.7600):
One Support: 79.4325
One Resistance: 79.9450
o Euro/inr can rise to 80.2250 as long
as it trades over 79.4325
o Sellers will be there only below
79.4325.
US dollar/Indonesia Rupiah (usd/idr CMP 14593.30): One Support: 15458.10
One Resistance: 14628.30
o Small sell off will be there below
14573.60 with 14548.10 as crash point.
o Rupiah needs to trade over 14628 to
rise further.
TO
VIEW FULL REPORT U NEED TO PAY/SUBSCRIBE
FAQ
Why Do I ask exporters and importers
to use trailing stop loss? Some day’s currency markets are very volatile. Trend (short term as well
as medium term) change at the flick of coin without any advance warning. In
order to make the most of the volatility it is preferable to use trailing stop
loss using technical analysis as basis. Those exporters and importers do not
wish to take the risk, should take a forward cover or hedge in future and
options market if export or import price near cost.
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