Insignia Consultants
New Delhi
Friday, September 07, 2012
TIME: 10:03 am IST
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NSE CURRNCY FUTURES/MCX-SX CURRENCY FUTURES TECHNICAL REPORT
(All prices are in Indian rupees below in this report)
Commentary
A weaker US dollar along with higher stock markets has resulted in gains for the Indian rupee against the major currencies. I am not very confident whether gains will be sustainable into next week or not. Next week could be crucial as there is expectation that new reform measures will be announced.
Trading strategy For the very large traders and high risk traders
USD/INR SEPTEMBER: Use a sell on rise strategy with a stop loss of 56.02. If the stop loss is hit then buy for 56.22-56.52
EURO/INR SEPTEMBER: Buy only if euri/inr trades over 70.62
GBP/INR SEPTEMBER: Sell gbp/inr on rise with stop loss over 90.25
JPY/INR SEPTEMBER: Buy on sharp dips with a stop loss below 69.90 for next week
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) SEPTEMBER – (CURRENT PRICE 55.8755)
Bullish over 55.8950 with 56.1275-56.3775 as price target
Bearish below 55.7950 with 55.6450 and 55.4800 as price target
Neutral Zone: 55.7950-55.8950
BREAK POINT: - 55.8950
· 55.62 is the key intra day support and usd/inr needs to trade over 55.62 to be in bullish zone and target 56.02-56.25
· Another wave of selling will be there only below 55.6200
EURO-INDIA RUPEE (EUR/INR) SEPTEMBER – (CURRENT PRICE 70.3850)
Bullish over 70.5200 with 70.6750-71.2400 as price target
Bearish below 70.2950 with 70.1700-69.8975 as price target
Neutral Zone: 70.2950-70.5200
BREAK POINT: 70.5200
- Euro/inr needs to break and trade over 70.52 today else it will fall to 70.14 and 69.94 before the next leg higher
- There will be buyers on sharp dips as long as euro/inr trades over 69.90
UK POUND -INDIA RUPEE (GBP/INR) SEPTEMBER – (CURRENT PRICE 88.7825)
Bullish over 88.6700 with 88.9025 and 89.3075 as price target
Bearish below 88.5925 with 88.3725-88.1525 as price target
Neutral Zone: 88.5925-88.6700
BREAK POINT: 88.9500
· Pound/Inr needs to trade over 88.67 to target 89.2500
· There will be sellers only below 88.6700
JAPANESE YEEN -INDIA RUPEE (JPY/INR) SEPTEMBER – (CURRENT PRICE 70.6000)
Bullish over 70.9500 with 71.5250 and 71.9500 as price target
Bearish below 70.5400 with 70.3700 and 70.1200 as price target
Neutral Zone: 70.5400-70.9500
BREAK POINT: - 70.3700
- 70.3700 is the key support and yen/inr can rise to 71.1200-71.6700 as long as it trades over 70.37
- There will be technical break down below 70.3700
Happy profitable trading & Trade without emotions
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Website www.insigniaconsultants.in
Disclosure: The directors have short positions in usd/inr and jpy/inr
"Print this report only if absolutely necessary. Save Paper. Save Trees."
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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