Insignia Consultants
New Delhi
Tuesday, January 22, 2019
TIME: 9:16 am IST
NSE CURRENCY FUTURES DAILY REPORT
US dollar is getting the benefit of safe haven status. I believe
that at the moment no currency is a safe haven. Protectionism, slowdown and trade
wars has put investors and global economy into inertia. Directionless is a
better word for the global currency markets as well as global stock markets.
IMF has reduced its growth forecast for this year and next year. (This has
already been discounted). There could be a second referendum for Brexit
(nothing new to me). The recent range bound trade in the US dollar Index should
be over soon. US dollar Index should see some phases of wild two way price
swings.
In India, attention will be on the measures by the outgoing Modi
government to get back the voters. These measures will be populist and will
increase the fiscal imbalance. Religion and nationalism alone cannot ensure a
majority for BJP to come back to power. The previous UPA government lost on
jobs in 2014. The current NDA government’s lack of job creation over the past
five years can result in Indian voters discarding Modi government in its
verdict this year too.
Rupee will be volatile in the short term. On hand India will get
more investment flows on better growth prospects than global peers. Weak short
term Indian economic fundamentals will prevent sharp gains for the rupee.
US dollar-Indian Rupee 29th January 2019 future (usd/inr CMP 71.3175):
One Support: 71.1950One Resistance: 71.4750
o
Small
sell off will be there below 71.1950
o
Key
support is at 71.0375.
o
Usd/inr
needs to trade over 71.3250-71.3550 zone to rise further.
Euro/Indian Rupee 29th
January 2019 Futures (Euro/inr CMP 81.1250): One Support: 80.9000
One Resistance: 81.1950
o
Crash
will be there only below 80.9000.
o
However
in case euro/inr manages to trade over 80.9000, then it will rise to 81.2975
and 81.4400.
o
Trend
is down.
UK Pound/Indian Rupee 29th
January 2019 Futures (Gbp/inr CMP 91.9200): One Support: 91.5975
One Resistance: 92.0325
o
200
day moving average around 91.5975 is the key support till Friday.
o
Gbp/inr
needs to trade over 91.5975 to rise to 92.2950 and 92.7925.
o
Crash
below 91.5975.
o
Quick
rise will be there over 92.0325.
Japanese Yen/Indian Rupee 29th
January 2019 Futures (Jpy/inr CMP 65.2225): One Support: 64.9725
One Resistance: 65.3050
o
Crash
will be there below 64.9000 to 64.4475.
o
Yen/inr
needs to break and trade over 65.3050 to be in intraday bullish zone.
Disclaimer: Any
opinions as to the commentary, market information, and future direction of
prices of specific currencies, crypto currency, metals and commodities reflect
the views of the individual analyst, In no event shall Insignia Consultants or
its employees have any liability for any losses incurred in connection with any
decision made, action or inaction taken by any party in reliance upon the
information provided in this material; or in any delays, inaccuracies, errors
in, or omissions of Information. Nothing in
this article is, or should be construed as, investment advice. Prepared by
Chintan Karnani
NOTES
TO THE ABOVE REPORT
PLEASE NOTE: HOLDS
MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN
INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
Indian Standard Time
(IST): +5:30 GMT
Current Market Price
(CMP)
All foreign exchange
prices are for inter-bank rates.
Join my cause
– stop food wastage in our daily lives
By just reducing food wastage we can
contribute to prevent global warming. I just want my readers to stop wasting
food in their daily lives and also ask their friends and acquaintances to do
the same.
No comments:
Post a Comment