Buy above 57.11 Target 60 Stoploss 56.9 - GEPL Capital
News / Other data
* The U.S. dollar extended losses on Thursday after the minutes from the Federal Reserve's November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting.
* The U.S. dollar edged lower in early European trade Thursday, continuing the previous session's selloff after the minutes from the latest Federal Reserve meeting signaled a slowdown in future rate hikes.
* Most Asian currencies rose on Thursday, while the dollar retreated as relatively dovish signals from the Federal Reserve ramped up expectations that U.S. inflation has peaked and that the central bank will lower its pace of future rate hikes.
* Billionaire investor Bill Ackman said he's betting the Hong Kong dollar will fall and that its peg to the U.S. dollar can break, the latest big money manager to take a public short bet as U.S. rate hikes turn the blowtorch on Hong Kong's currency system.
* Activist investor Bill Ackman said on Thursday that his hedge fund Pershing Square holds a large short position against the Hong Kong dollar, and that it was only a matter of time before the currency’s peg to the dollar breaks. Ackman said that Pershing Square holds a “large notional short position” against the Hong Kong dollar through the ownership of put options.
* The U.S. dollar fell across the board on Wednesday, after minutes from the Federal Reserve's November meeting showed that most policymakers at the central bank agreed it would soon be appropriate to slow the pace of interest rate hikes.
Data inference
* No Major Event.
Observation
* On looking at Daily chart of JPYINR, Prices have started to get in to higher high, higher low formation. While breaching its Crucial resistance of 58.70.
* Prices have shown a bounce on the upside after retesting the breakout level of Rectangle Pattern. Which points towards the beginning of the trend on the upside.
* The Breakout was confirmed as it is accompanied by the Higher Volumes.
* RSI on the Daily timeframe is sustaining below the 50 mark with Higher High Formation reflecting strong momentum built up in the prices.
Inference
* Buy above 57.11 Target 60 Stoploss 56.9
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://web.geplcapital.com/term-disclaimer
SEBI Registration number is INH000000081
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
Tag News
EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory