Euro signaling correction
The dollar rose to a more than one-week high against a basket of other major currencies on Monday, helped by a pullback in the euro as investors took profits after the common currency's recent rally. The dollar Index up 0.46 percent at 92.368.
The euro languished on Tuesday after slipping from last week's high as investors were cautious after a months-long rally, while the dollar firmed against the yen though a lack of catalysts tempered its momentum. The euro traded at $1.1968, having slipped 0.5 percent on Monday, its largest daily drop since late October.
Japan reported average cash earnings for November jumped 0.9%, well above the 0.6% expected and overtime pay soared 2.60% compared to a 0.60% rise seen. USD/JPY changed hands at 113.16, up 0.9%.
USD/INR open at 63.44 below the previous days closed of 63.51 and prices made an intraday low of 63.38. Then prices inch upward and made an intraday high of 63.64 and closed at 63.60 above previous day high and making a engulfing pattern. For the day we expect it to trade between 63.30 and 64. If prices sustain above 63.50 we might see prices testing 63.90 levels.
USDINR Technical Outlook
* Prices making lower low and low high and made an bullish engulfing pattern
* RSI and Stochastic near their support levels indicating we might see short throwback
* Trend to remain bearish till 64.44 is not broken on the upside
* If prices sustain above 63.50 we might see prices testing 63.90 levels
EURINR Technical Outlook
* Prices toke the support at 20 day SMA and have been able to sustain above the gap
* RSI and Stochastic heading downward indicating we might see pulling back to the support levels
* 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
* 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
* Trend to remain sideways till prices did not close above 86.61 or below 85.55
* If prices break below 85.84 we might we prices testing 85.55
JPYINR Technical Outlook
* 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
* Trend to remain bearish till 57.47 is not broken on the upside
* If prices sustain below 56.44 we might see prices testing 55.90 levels
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