Insignia Consultants
New Delhi
Wednesday, June 12, 2019
TIME: 8:20 am IST
FOREX TECHNICAL LEVELS
(inter-bank prices below)
US dollar is weaker on expectation of Federal
Reserve interest rate cut over the coming weeks and months. If the Fed adopts a
neutral stance, then, there will short covering in short US dollar positions.
Right now the momentum for US dollar Index is down. American tech companies
have started shifting their hardware and software production units from China
to comply with Trump’s order. Trade war will be short term gains for the
greenback but long term pains. All incoming US economic data releases will be
irrelevant till the FOMC meet next unless they say anything on interest rates.
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Forex Daily Technical Levels
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usd/inr
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usd/idr
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euro/usd
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gbp/usd
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usd/jpy
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CMP
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69.4150
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14240.00
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1.1328
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1.2716
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108.4600
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S5
|
68.7700
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14060.00
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1.1242
|
1.2605
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107.8600
|
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S4
|
68.9248
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14103.20
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1.1263
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1.2632
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108.0040
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S3
|
69.0925
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14150.00
|
1.1285
|
1.2661
|
108.1600
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S2
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69.1686
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14171.24
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1.1295
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1.2674
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108.2308
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S1
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69.2628
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14197.52
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1.1308
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1.2690
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108.3184
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R1
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69.5672
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14282.48
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1.1348
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1.2742
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108.6016
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R2
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69.6614
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14308.76
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1.1361
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1.2758
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108.6892
|
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R3
|
69.7375
|
14330.00
|
1.1371
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1.2772
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108.7600
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R4
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69.9052
|
14376.80
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1.1393
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1.2800
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108.9160
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R5
|
70.0600
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14420.00
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1.1414
|
1.2827
|
109.0600
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CMP= Current price market price
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ABOVE TECHNICALS ARE ONLY FOR REFERENCE
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USD/INR: Rupee can fall to 69.1675 and below as long as it trades
below 69.6625. Only a break of 69.6625 will trigger another wave of rise.
USD/IDR: Overall trend is down as long as rupiah trades below
14277-14290 zone with 14150 and 14070 as price target.
Euro/usd:
(a) 200 day moving average at 1.1365 is
the key resistance. Only a break of 1.1365 will result in 1.1500 in the short
term. (b) Sell off will be there below 100 day MA of 1.1275.
Gbp/usd: (a) It needs to trade 1.2680 to
rise to 1.2766 and 1.2851. (b) Crash will be there only below 1.2680.
Usd/jpy: (a) Yen needs to trade over
108.20 to rise to 109.10 and 109.56. Sell off will be there below 108.20. If
the US dollar continues to fall then chances of 107 by Friday is very high.
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.
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