Insignia Consultants
New Delhi
Tuesday, September 11, 2012
TIME: 08:16 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)
Technical levels to watch
- Usd/inr september 100 day moving average is at 55.3275
Commentary
There is expectation that if the UPA government does not come out with another round of reforms then India will get another credit rating downgrade by the rating agencies. This is preventing rupee from major gains. For the rest of September the key will be whether Diesel prices will be raised or not. The monsoon picture is fairly clear. Sustained gains in the Indian rupee will be dependent on diesel prices direction. There is no effort by the UPA government to curb the fiscal deficit and markets will be looking forward to measures to curb the deficit menace.
Trading strategy For the very large traders and high risk traders
USD/INR SEPTEMBER: Use a buy on sharp dips strategy with a stop loss below 55.13.
EURO/INR SEPTEMBER: Sell euri/inr trades below 70.9300
GBP/INR SEPTEMBER: Buy gbp/inr only if it trades over 89.25 for 89.75-90.25
JPY/INR SEPTEMBER: Sell jpy/inr only below 70.9300
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) SEPTEMBER – (CURRENT PRICE 55.5450)
Bullish over 55.6450 with 55.7925-55.9700 as price target
Bearish below 55.4800 with 55.3400 and 55.1300 as price target
Neutral Zone: 55.4800-55.6450
BREAK POINT: - 55.4800
· 55.4800 is the key intra day support and usd/inr needs to trade over 55.4800 to be in bullish zone and target 55.9700
· Another wave of selling will be there only below 55.4800
EURO-INDIA RUPEE (EUR/INR) SEPTEMBER – (CURRENT PRICE 70.9500)
Bullish over 70.9300 with 71.2000-72.3000 as price target
Bearish below 70.7950 with 70.3325-70.0600 as price target
Neutral Zone: 70.7950-70.9300
BREAK POINT: 70.9300
- Euro/inr needs can rise to 71.23-72.30 as long as it trades over 70.7950. There will be a technical break down only below 70.7950 all the way to 70.3325
UK POUND -INDIA RUPEE (GBP/INR) SEPTEMBER – (CURRENT PRICE 88.7575)
Bullish over 88.8725 with 89.2825 and 89.6325 as price target
Bearish below 88.6875 with 88.2725-88.1125 as price target
Neutral Zone: 88.6825-88.8725
BREAK POINT: 88.6875
· Pound/Inr needs to trade over 88.6825 to target 89.2825-89.6325. There will be a technical breakdown below 89.6325
JAPANESE YEEN -INDIA RUPEE (JPY/INR) SEPTEMBER – (CURRENT PRICE 70.8850)
Bullish over 70.9050 with 71.1900 and 71.5300 as price target
Bearish below 70.6550 with 70.3700 and 70.1200 as price target
Neutral Zone: 70.6550-70.9050
BREAK POINT: - 70.9425
- Yen targets 71.1925-71.53 as long as it trades over 70.6550
- There will be technical break down below 70.6550
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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