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Published on 12/04/2018 10:33:22 AM | Source: GEPLCapital Ltd

Dollar index sustain above 89 after hawkish FOMC minutes meeting - GEPL

Posted in Currency Report| #GEPLCapital Ltd #Currency Tips

Market Commentary

U.S. President Donald Trump’s threats to launch missiles at Syria turn investors into gold and yen. Also solid CPI reading that showed the highest reading in a year and a release of the Minutes of the FOMC March meeting that was read as marginally hawkish, Dollar index was trading in the range 89.04 - 89.37 and closed at 89.22 down by -0.07%.

EUR/USD was trading in the range 1.2347-1.2396 closed at 1.2372 up by 0.13 %

The GBP/USD pair dropped to test daily lows at 1.4162 after the release of the FOMC minutes. Price fell from 1.4224 to 1.4162. So far it held above the lows and it was hovering around 1.4180, flat for the day.

USD/JPY was in a European range of between 107.05-106.80 range but then slipped towards the 106.65 lows on the Syrian news.

USD/INR opens at 65.05 below the previous close of 65.09. After making a low of 65.04 bulls were in control making a high of 65.39 to close at 65.36. For today we expect the pair to trade between 65 and 65.55. If prices sustain above 65.10 we might see prices testing 65.55.

USDINR Technical Outlook

Observations:

* The pair is being trading in the range 64.86 and 65.44.

* ADX placed at 18 and flat RSI and MACD are indicating price to trade in a range 64.85-65.55

Inferences:

* Trend to remain bullish till 64 is not broken on the downside

* If prices sustain above 65.10 we might see prices testing 65.55.

EURINR Technical Outlook

Observations:

* Prices making higher highs higher lows from past three trading session and just close below resistance 81.18

* Negative divergence between price and indicators indicating caution

Inferences:

* Trend to remain bullish till 79.70 is not broken on the downside

* If prices sustain above 80.50 we might see prices testing 81.10 levels.

GBPINR Technical Outlook

Observations:

* Prices break above 92.88 the resistance making an high of 92.88.

* Negative divergence between price and indicators indicating caution.

Inferences:

* Trend to remain bullish till 89.80 is not broken on downside

* If prices sustain above 91.50 we might we prices testing 93 levels.

JPYINR Technical Outlook

Observations:

* Prices made an bullish engulfing pattern with a low placed at 60.64 and are heading upward

* Negative divergence between price and indicators indicating caution

Inferences:

* Trend to remain bullish till 60 is not broken on the downside.

* If prices sustain above 60.62 we might see prices testing 62 levels.


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