Insignia Consultants
New Delhi
Thursday, December 20, 2018
TIME: 9:10 am IST
NSE CURRENCY FUTURES DAILY REPORT
FOMC is over. There was no new surprises. Bank of Japan meeting
did not have any surprises. Central banks have played it safe in the volatile month
of December. Rupee will trade with a softer bias as long as crude oil prices
trade lower. There is a slight chance that rupee may have formed a short term
bottom against the US dollar yesterday. If rupee rises against the US dollar
today, then there will be short covering. December futures are closing next
week. There will be position squaring and rebuilding for next month and next
quarter.
US dollar-Indian Rupee 27th December 2018 future (usd/inr CMP 70.5850):
One Support: 70.4275One Resistance: 70.7450
o
Quick
rise will be there over 70.7450 to 70.9850 and 71.0850.
o
Small
sell off will be there below 70.4275 and crash below 70.2125.
o
Day
traders remain on the sidelines.
Euro/Indian Rupee 27th
December 2018 Futures (Euro/inr CMP 80.4275): One Support: 80.2125
One Resistance: 80.7925
o
Euro/inr
can rise to 81.0025 by tomorrow as long as it trades over 80.2125.
o
Small
sell off will be there below 80.2125.
o
I
am bullish on euro/inr for the rest of the year.
UK Pound/Indian Rupee 27th
December 2018 Futures (Gbp/inr CMP 89.1525): One Support: 88.8725-89.0750
One Resistance: 89.5400
o
Key
support is at 89.0050.
o
Gbp/inr
needs to trade over 89.0050 to rise to 89.5450 and 89.9775.
o
Small
sell off will be there only below 89.0050.
o
There
can be very sharp two way moves.
Japanese Yen/Indian Rupee 27th
December 2018 Futures (Jpy/inr CMP 62.8850): One Support: 62.6050
One Resistance: 63.0975
o
Another
wave of sell off will be there below 62.6050 to 62.4975 and 62.3375.
o
Overall
trend is bullish as long as jpy/inr trades over 62.6050.
Disclaimer: Any
opinions as to the commentary, market information, and future direction of
prices of specific currencies, crypto currency, 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. Prepared by
Chintan Karnani
NOTES
TO THE ABOVE REPORT
PLEASE NOTE: HOLDS
MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN
INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
Indian Standard Time
(IST): +5:30 GMT
Current Market Price
(CMP)
All foreign exchange
prices are for inter-bank rates.
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