Insignia Consultants
New Delhi
Thursday, September 06, 2012
TIME: 08:45 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
There is no major news at the moment for any gains in the Indian rupee. The Indian monsoon parliament session seems to be a total washout. There is mild expectation that the current UPA government may not last its tenure till May 2014. This has prevented foreign investors from investing in a big way. Today it will remain to be seen whether a weaker US dollar will result in gains for the rupee against the major currencies.
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 56.57. If the stop loss is hit then buy for 56.98-57.52
EURO/INR SEPTEMBER: Sell only if euro/inr trades below 70.1700
GBP/INR SEPTEMBER: Sell only if gbp/inr trades below 88.9025
JPY/INR SEPTEMBER: Sell only if yen/inr trades below 71.40
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) SEPTEMBER – (CURRENT PRICE 55.1050)
Bullish over 56.0200 with 56.2575-56.5275 as price target
Bearish below 55.9650 with 55.8850 and 55.6700 as price target
Neutral Zone: 55.9650-56.0200
BREAK POINT: - 56.0200
· Usd/inr needs to trade over 56.0200 to target 56.2750-56.5200.
· There will be sellers only below 56.0200
EURO-INDIA RUPEE (EUR/INR) SEPTEMBER – (CURRENT PRICE 70.3375)
Bullish over 70.1700 with 70.6250-71.2400 as price target
Bearish below 70.0250 with 69.8950-69.7150 as price target
Neutral Zone: 70.0250-70.1700
BREAK POINT: 70.6300
- Euro/inr can rise to 70.6325 as long as it trades over 70.1700
- There will be sellers only below 70.1700
UK POUND -INDIA RUPEE (GBP/INR) SEPTEMBER – (CURRENT PRICE 89.0800)
Bullish over 88.8300 with 89.5225 and 90.1125 as price target
Bearish below 88.7250 with 88.5225-88.2150 as price target
Neutral Zone: 88.7250-88.8300
BREAK POINT: 89.0600
· Pound/Inr needs to trade over 89.0600 to target 89.3500-90.1125
· There will be sellers only below 89.0600
JAPANESE YEEN -INDIA RUPEE (JPY/INR) SEPTEMBER – (CURRENT PRICE 71.5150)
Bullish over 71.4000 with 71.9075 and 72.1700 as price target
Bearish below 71.2200 with 70.9950 and 70.8100 as price target
Neutral Zone: 71.2200-71.400
BREAK POINT: - 71.4050
- Yen needs to trade over 71.410 to target 71.90-72.17
- There will be sellers only below 71.4000
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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