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Published on 8/01/2018 10:44:18 AM | Source: GEPL Capital Ltd

Dollar Index sustain above 91.50 - GEPL

Posted in Currency Report| #GEPLCapital Ltd #Currency Tips

Dollar Index sustain above 91.50

Market Commentary

The dollar rose back from earlier losses against other major currencies on Friday, after investors digested data showing that the U.S. economy added fewer jobs than expected last month. The U.S. dollar index, rose 0.13% to 91.72 off session highs of 91.82.

Elsewhere, the euro fell, with EUR/USD down 0.23% to 1.2039, while sterling inched down from earlier increases, rising only 0.11% to 1.3563.Data earlier showed that euro zone inflation fell in line with expectations in December, while another report showed that German retail sales increased more than expected in November.

The yen remained weaker, with USD/JPY up 0.40% at 113.20

USD/INR open at 63.52 below the previous days closed of 63.56 and prices made an intraday high of 63.57. Then prices continued its bear mood and made an intraday low of 63.45 but closed at 63.51 making a doji pattern. For the day we expect it to trade between 63.20 and 63.80. If prices sustain below 63.75 we might see prices sliding down to 63.25 levels

USDINR Technical Outlook

Observations:

* Prices making lower low and low high and close below the support placed at 63.75

* RSI and Stochastic near their support levels indicating we might see short throwback

Inferences:

* Trend to remain bearish till 64.44 is not broken on the upside

* If prices sustain below 63.75 we might see prices testing 63.25 levels

EURINR Technical Outlook

Observations:

* Prices are trading below the upper Bollinger band and have been able to sustain above the gap

* RSI and Stochastic heading downward indicating we might see pulling back to the support levels

Inferences:

* Trend to remain bearish till 77.22 is not broken on the upside

* If prices break below 76 we might see prices testing 75.54 levels

GBPINR Technical Outlook

Observations:

* Prices break below the 5 days low and have been able to sustain below it and close above the support placed at 85.84

* RSI and Stochastic indicating prices may retest their support levels

Inferences:

* Trend to remain sideways till prices did not close above 86.61

* If prices break below 85.84 we might we prices testing 85.55 

JPYINR Technical Outlook

Observations:

* Prices are making lower high lower low pattern, prices break and closed below the support levels placed at 56.44

* Prices closed below the lower Bollinger band indicating volatility increase on negative side

Inferences:

* Trend to remain bearish till 57.47 is not broken on the upside

* If prices suatain below 56.44 we might see prices testing 55.90 levels

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