Insignia Consultants
New Delhi
Wednesday, September 05, 2012
TIME: 09:30 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
The technical picture of US dollar-Indian Rupee (usd/inr) suggests a major breakout in the short term. The current 55.00-56.50 trading band will be broken by 15th September and a new range will be formed. September is the financial half year close time for Indian companies. Indian companies will be window dressing their accounts through the foreign exchange market. There should be more foreign exchange outflows than inflows in September. The next ten days are very crucial for the Indian rupee as well as the US dollar. The trend will be known only after the Federal Reserve meeting next week. The trend of the US dollar after the Federal Reserve meeting (next week) will continue till end October.
Trading strategy For the very large traders and high risk traders
USD/INR SEPTEMBER: Buy only if it usd/inr trades over 56.0200 for 56.2100-56.5700
EURO/INR SEPTEMBER: Buy only if euro/inr trades over 70.21 for 70.37-70.62
GBP/INR SEPTEMBER: Buy only if gbp/inr trades below 88.6200 for 88.95-89.17
JPY/INR SEPTEMBER: Buy only if yen/inr trades over 71.37 for 71.52-71.89
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) SEPTEMBER – (CURRENT PRICE 55.9700)
Bullish over 55.880 with 56.1250-56.5275 as price target
Bearish below 55.6200 with 55.4950 and 55.3200 as price target
Neutral Zone: 55.6200-55.8800
BREAK POINT: - 56.0200
· A break of 56.02 will result in 56.37-56.75
· There will be sellers only below 55.8800
EURO-INDIA RUPEE (EUR/INR) SEPTEMBER – (CURRENT PRICE 70.14500)
Bullish over 70.0225 with 70.3125-70.6225 as price target
Bearish below 69.9450 with 69.8150-69.6650 as price target
Neutral Zone: 69.9450-70.0225
BREAK POINT: 70.1700
- Euro/inr needs to trade over 70.09 to target 70.57-70.97.
- There will be sellers only below 70.0900
UK POUND -INDIA RUPEE (GBP/INR) SEPTEMBER – (CURRENT PRICE 88.6600)
Bullish over 88.5250 with 88.9500 and 89.2500 as price target
Bearish below 88.3750 with 88.1550-87.9400 as price target
Neutral Zone: 87.3750-88.5250
BREAK POINT: 88.52
· Pound/Inr can rise to 88.8325-89.25 in short term as long as it trades over 88.5200
· There will be sellers only below 88.5200
JAPANESE YEEN -INDIA RUPEE (JPY/INR) SEPTEMBER – (CURRENT PRICE 71.3100)
Bullish over 71.3700 with 71.5700 and 71.9600 as price target
Bearish below 71.19 with 70.9950 and 70.8100 as price target
Neutral Zone: 71.1900-71.37
BREAK POINT: - 71.37
- Yen needs to trade over 71.37 to target 71.52-71.92
- There will be sellers only below 71.1900
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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