Published on 11/07/2017 10:52:29 AM | Source: GEPLCapital Ltd

Dollar firms, rallies to two month high versus Yen - GEPL

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Dollar firms, rallies to two month high versus Yen

Market Commentary

* The dollar's advance against its major peers slowed early on Tuesday as a rise in sovereign bond yields paused, with investors awaiting comments from Federal Reserve Chair Janet Yellen due to make a semi-annual testimony before the U.S. Congress on Wednesday and Thursday, fresh cues on policy direction.

* The dollar was 0.1 percent higher at 114.160 yen following a rise to a two-month high of 114.300 overnight.

* The euro was effectively flat at 1.1397 after inching down about 0.1 percent the previous day.

* The pound was little changed at 1.2880. It was within reach of a twoweek low of 1.2855 plumbed overnight after a run of lacklustre data cast doubt over the Bank of England's recent warnings that it is on the verge of raising borrowing costs.

* The rupee traded strong at 64.53 against the dollar on fresh selling of the US currency by banks and exporters. But the dollar's strength against other currencies overseas on US jobs data limited the rupee's gains.

* The local unit yesterday opened strong by 5 paise at 64.55. It hovered in a range of 64.57 and 64.48 before closing at 64.49.

 

USDINR Fut Technical Outlook

Observations:

* Prices have pulled back and closed inside the range 64.30 and 64.83

* And prices closed below 5(64.8095) and 3(64.7699) EMA

 

Inferences:

* Trend is sideways

* If prices sustain below 64.83 we might see prices testing 64.30

 

EURINR Fut Technical Outlook

Observations:

* Prices are trading in the range 73.5796 and 74.5032

* And prices closed below 5(73.8062) and 3(73.8254)EMA

 

Inferences:

* Trend is sideways

* If prices break above 73.57, we might see prices testing 73.10 levels

 

GBPINR Fut Technical Outlook

Observations:

* Prices break below the downward sloping trend line and closed above the 83.30 support

* And closed below 5(83.6978) and 3(83.6205) EMA

 

Inferences:

* Trend is bearish

* If prices convincingly break below 83.30, prices might test 82.90 levels 

 

JPYINR Fut Technical Outlook

Observations:

* Prices have closed below the support placed at 56.73

* And closed below 5(57.1350) and 3(56.9741) EMA

 

Inferences:

* Trend is bearish

* If prices sustain below 56.73, we might see prices testing 56.48 levels 

 

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