Insignia Consultants
New Delhi
Tuesday, July 30, 2019
TIME: 8:20 am IST
FOREX REPORT
(inter-bank prices below)
UK pound crashed on brexit uncertainty and
chances of a snap elections in UK. Cable is highly oversold. There are lots of
US economic data release from today till Friday. This includes US July nonfarm
payrolls. FOMC meet and bank of Japan meeting can change the direction of US
dollar Index and/or certain currencies versus the US dollar. Right now most
currencies are reflecting fundamental value.
Indian rupee will break free from the recent
range trade and form a new range anytime soon. Traders are on the sidelines
ahead of the key global risk.
Trend in currency markets can change every day.
Use higher stop losses and hedging strategies. Trading volumes in global
currency markets should see a big rise.
I prefer to take a chance and use a sell on
rise strategy with a stop loss over 101.80 for the US dollar Index and price a
target of 93.00 by end August.
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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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68.7650
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14027.50
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1.1143
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1.2174
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108.78
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S5
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68.3175
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13877.50
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1.1019
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1.1812
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107.06
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S4
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68.4249
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13913.50
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1.1049
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1.1899
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107.47
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S3
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68.5413
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13952.50
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1.1081
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1.1993
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107.92
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S2
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68.5941
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13970.20
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1.1096
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1.2036
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108.12
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S1
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68.6594
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13992.10
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1.1114
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1.2089
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108.37
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R1
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68.8706
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14062.90
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1.1172
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1.2259
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109.19
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R2
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68.9359
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14084.80
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1.1190
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1.2312
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109.44
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R3
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68.9888
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14102.50
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1.1205
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1.2355
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109.64
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R4
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69.1051
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14141.50
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1.1237
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1.2449
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110.09
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R5
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69.2125
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14177.50
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1.1267
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1.2536
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110.50
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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: (a) Rupee needs to trade over 68.5850 till Thursday to rise
to 69.1375 and 69.3575. (b) Sell off will be there below 68.5850.
USD/IDR: (a) Rupiah needs to trade over 14002 till tomorrow to rise to
14091 and 14141. (b) Initial resistance is at 14040. (c) Key weekly support is
at 13983.
Euro/usd:
(a) Euro needs to trade over 1.1098 to
rise to 1.1239 and 1.1311. (b) Sell off will be there below 1.1098. (c) Key
long term support is at 1.1065.
Gbp/usd: (a) 100% retracement is at 1.2106. (b) Cable needs to trade
over 1.2106 to rise to 1.2344 and 1.2492. (c) Crash or another wave of sell off
will be there below 1.2106 to 1.2046 and 1.1996. (d) Intra cable needs to trade
over 1.2230 to be in bullish zone.
Usd/jpy: (a) Key resistance is at 109.44 (100 day moving average). (b)
Yen needs to break and trade over 109.44 to rise to 109.81 and 110.48. (c)
Small sell off will be there below 108.48. (d) Key weekly support is at 108.16.
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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