Insignia Consultants
New Delhi
Tuesday, March 12, 2019
TIME: 9:05 am IST
DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
UK prime minister May has struck a new
revised deal term on Brexit. Pound rose. If the deal is passed by the UK
parliament, then cable will rise to 1.4000 over the coming months. Most of the
bad news on Brexit has been factored in by the markets. Euro will be volatile.
Yen can be testing key support.
India
Focus will be on elections and nothing
else. I am focusing on the poll promises made by the congress and oppositions
and its impact if they come to power. All poll promises irrespective of
political parties will add extra burden on the exchequer. Directly or
indirectly they will be recovered mostly from the middle class in India. Global
investors will continue to invest in India as it is still one of the fastest
growing nations. Buy stop losses will be triggered, put options will be
triggered if rupee falls below 69.00 against the US dollar anytime in March.
Japanese Yen/Indian Rupee
(Jpy/inr CMP 62.5900): One Support: 62.1800
One Resistance: 63.0300
o
100%
retracement is at 62.1800.
o
There
can be pull back rallies to 63.0300 and 63.6000 as long as yen/inr trades over
62.1800.
o
Crash
will be there only below 62.1800 to 60.6700.
UK Pound/US dollar (gbp/usd
CMP 1.3216): One Support: 1.3153
One Resistance: 1.3300
o
Cable
can rise to 1.3300 and 1.3467 in the short term as long as it trades over 1.3111.
o
Quick
rise will be there if cable trades over 1.3260.
US dollar/Japanese Yen
(usd/jpy CMP 111.36): One Support: 110.96-111.21
One Resistance: 111.89
o
100
day moving average is at 110.96.
o
200
day moving average is at 111.52.
o
Yen
needs to trade over 110.96-111.52 zone to rise to 113 and 114.40.
o
Crash
will be there only below 110.96.
US dollar/Indonesia Rupiah
(usd/idr CMP 14240.00): One Support: 14158.30
One Resistance: 14330.40
o
Crash
will be there below 14158.30.
o
Key
resistance is at 14330. (100 day MA).
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
Insignia Consultants
does not have any branches in India.
Insignia Consultants
does not have any marketing agents in any city in India.
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.
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