FOREX TECHNICAL LEVELS: 5th June 2019

Insignia Consultants

New Delhi

Wednesday, June 5, 2019

TIME: 9:16 am IST

         

FOREX TECHNICAL LEVELS

(inter-bank prices below)

Federal Reserve chairman saying that he is not averse to interest rate cut if global trade war has an effect on US economy will be bearish for the greenback. US dollar is gaining as there is no positive news from Eurozone or UK. US May private ADP jobs number today and US May nonfarm payrolls will tell us if the Fed will cut interest rates by October or there is something else. Short term direction of the US dollar is dependent more on the trend after the release of US nonfarm payrolls. Big four trading sessions ahead for currency markets.

CURRENCY SPOT TECHNICAL LEVELS
	EURO/USD	GBP/USD	USD/JPY
CMP	1.1263	1.2705	108.11
S5	1.1140	1.2599	106.32
S4	1.1170	1.2624	106.75
S3	1.1202	1.2652	107.22
S2	1.1216	1.2665	107.43
S1	1.1234	1.2680	107.69
R1	1.1292	1.2730	108.53
R2	1.1310	1.2745	108.79
R3	1.1325	1.2758	109.01
R4	1.1356	1.2786	109.47
R5	1.1386	1.2811	109.90
ALL PRICES VERSUS THE US DOLLARS ABOVE
CMP = Current Market Price
FOR SMALL TRADING/JOBBING PURPOSE
ABOVE TECHNICALS ARE ONLY FOR REFERENCE

Euro/usd: (a) 50 day MA at 1.1211 is the key support. (b) 100 day MA at 1.1278 is the key resistance or key price to watch. (c) If euro/usd manages to trade over 1.1278 till Monday then it will rise to 1.1345 and 1.1438.

Gbp/usd: (a) It needs to trade 1.2664 to rise to 1.2895. Moves will be big. (b) Sell off will be there only below 1.1664.

Usd/jpy: (a) Initial support is at 107.91 with 107.47 as the key support till Monday. (b) Crash till Monday will be there only below 107.47. (c) In case yen does not fall below 107.47 till Monday, then it will rise to 109.38 and 110.50.

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.