Published on 12/01/2018 11:34:09 AM | Source: GEPLCapital Ltd
Dollar index again tests 91.50 - GEPL
The dollar gave up gains against a currency basket on Thursday as the euro jumped higher on hawkish European Central Bank minutes and as disappointing U.S. economic data weighed. The U.S. dollar index, was down 0.37% at 91.77 as the stronger euro weighed.
The euro rallied against the greenback on Thursday after the European Central Bank said it could revisit its communication stance in early 2018, boosting expectations that policymakers are preparing to reduce their vast monetary stimulus programed. The euro was up 0.77 percent to $1.2037, on pace for its biggest singleday percentage gain against the greenback in about two months.
The yen remained weaker, with USD/JPY up 0.40% at 113.20 The dollar pared back gains against the yen, with USD/JPY last at 111.48, down from an earlier high of 111.88.
USD/INR open at 63.79 above the previous days closed of 63.73 and prices made an intraday high of 63.93. Bear were on full swing in the second half, prices pullback made an intraday low of 63.75 and closed at 63.77. For the day we expect it to trade between 63.40 and 64.10. If prices sustain below 63.97 we might see prices testing 63.38 levels.
USDINR Technical Outlook
* Prices made a shooting star with high near the 20 SMA(63.95) indicating 64 to be a strong resistance
* RSI and Stochastic trading near their resistance levels indicating price might pull back to the support levels
* Trend to remain bearish till 64.44 is not broken on the upside
* If prices sustain below 63.97 we might see prices testing 63.38 levels
EURINR Technical Outlook
* Prices from past three trading session able to sustain above the support placed at 76 and have failed to close the gap
* RSI and Stochastic are holding on to their support levels indicating 76 to be a strong support level
* Trend to remain bearish till 77 is not broken on the upside
* If prices break below 76 we might see prices testing 75.54 levels
GBPINR Technical Outlook
* Prices are trading in a range 85.97-86.52 failed to close the gap
* RSI trading sideways and ADX =10.45 indicating sideways movement might continue further
* Trend to remain sideways till prices did not close above or below the range 85.55-86.61
* If prices sustain above 86 we might we prices testing 86.61 .
JPYINR Technical Outlook
* Prices made a doji pattern in previous trading session and are now trading near the resistance zone
* RSI and Stochastic are also trading near their resistance levels indicating price might fail to break above the resistance zone
* Trend to remain bearish till 57.47 is not broken on the upside
* If prices sustain above 57 we might see prices testing 57.47 levels
To Read Complete Report & Disclaimer Click Here
For More GEPLCapital Ltd Disclaimer www.geplcapital.com/Disclaimer.aspx & SEBI Registration number is INH000000081.
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer