Insignia Consultants
New Delhi
Thursday, August 8, 2019
TIME: 8:27 am IST
FOREX REPORT
(inter-bank prices below)
Central banks are cutting interest rates. India
and New Zealand cut interest rate yesterday. Nearly every central bank has cut
interest rates and has declared more interest rate cuts for the rest of the
year. It seems to be an interest rate cut war and not a currency war. Economic
news will be the key.
Kashmir issue will prevent rupee from a big
gain against the US dollar.
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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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71.1750
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14233.50
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1.1210
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1.2172
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106.16
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S5
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69.9325
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13868.50
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1.0987
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1.1863
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102.33
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S4
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70.2307
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13956.10
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1.1041
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1.1937
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103.25
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S3
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70.5538
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14051.00
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1.1099
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1.2018
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104.25
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S2
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70.7004
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14094.07
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1.1125
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1.2054
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104.70
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S1
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70.8818
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14147.36
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1.1157
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1.2099
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105.26
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R1
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71.4682
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14319.64
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1.1263
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1.2245
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107.06
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R2
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71.6496
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14372.93
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1.1295
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1.2290
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107.62
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R3
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71.7963
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14416.00
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1.1322
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1.2327
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108.08
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R4
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72.1193
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14510.90
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1.1379
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1.2407
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109.07
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R5
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72.4175
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14598.50
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1.1433
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1.2481
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109.99
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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) There is a big resistance zone between 71.62-71.8500.
Chances of correction will be high as long as rupee does not break and trade
over 71.6200-71.8500 zone. (c) Momentum is up.
USD/IDR: (a) Rupiah needs to trade over 14190 to rise to 14355 and
14450. (b) Sellers will be there below 14190.
Euro/usd:
(a) Key support is at 1.1160. (b) Euro/usd
needs to trade over 1.1160 till tomorrow to rise to 1.1245 and 1.1308.
Gbp/usd: (a) Key support is at 1.2085. (b) Cable needs to trade over
1.2085 to rise to 1.2313.
Usd/jpy: (a) Yen can rise to 107.28 and 107.69 as long as it trades over
105.20. (b) Trend is down but will be there only below 105.20.
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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