Insignia Consultants
New Delhi
Thursday, September 13, 2012
TIME: 08:54 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
The federal reserve will be the key for the rupee as there are not much domestic factors today. There is huge expectation that industrial growth with pick up from October this has resulted in gains for the rupee. There will be a clash between short term bulls and long term bears in the US dollar-Indian rupee. I expect the bears to succeed. Tomorrow's opening will be very crucial for the rupee.
Trading strategy For the very large traders and high risk traders
USD/INR SEPTEMBER: Buy only if rupee trades over 55.3700
EURO/INR SEPTEMBER: Buy only if euro/inr trades over 71.52 for 71.79-71.92
GBP/INR SEPTEMBER: Buy gbp/inr only if it trades over 89.05 for 89.27-89.77
JPY/INR SEPTEMBER: Sell jpy/inr only below 70.9300
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) SEPTEMBER – (CURRENT PRICE 55.3000)
Bullish over 55.3700 with 55.6125-55.7900 as price target
Bearish below 55.1200 with 55.0200 and 54.7800 as price target
Neutral Zone: 55.1200-55.3700
BREAK POINT: - 55.3700
· It remains to be seen whether rupee trades below 55.00 or not. A sustained fall below 55.00 will result in 54.78 and 55.4800
· Another wave of selling will be there only below 54.9800
EURO-INDIA RUPEE (EUR/INR) SEPTEMBER – (CURRENT PRICE 71.3400)
Bullish over 71.1700 with 71.5200-71.9500 as price target
Bearish below 70.9850 with 70.8325-70.5700 as price target
Neutral Zone: 70.9850-71.1700
BREAK POINT: 71.5200
- 71.23 price target achieved. Euro/inr needs to trade over 71.17 to target 71.9700-73.00
- Key intra day support is at 71.17 and there will be sellers only below 71.1700
UK POUND -INDIA RUPEE (GBP/INR) SEPTEMBER – (CURRENT PRICE 88.9650)
Bullish over 88.7450 with 89.2150 and 89.5750 as price target
Bearish below 88.6800 with 88.3750-88.2100 as price target
Neutral Zone: 88.6800-88.7450
BREAK POINT: 89.0225
· Pound/Inr needs to break 89.0225 to target 89.37-89.79.
· There will be sellers as long as cable trades below 89.0225
JAPANESE YEEN -INDIA RUPEE (JPY/INR) SEPTEMBER – (CURRENT PRICE 70.9925)
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 70.8850.
- Key support is at 70.8850 and there will be sellers only below 70.8850
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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