16/5/2018

Currency Report 16th May 2018

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The Indian rupee plummeted to a fresh 16-month low against the U.S dollar amid gains in the US currency overseas. Dollar strengthened against major global currencies having pulled up from its lowest level in more than a week as hopes for easing global trade tensions pushed US bond yields higher. Early losses in stock markets and demand for the US currency from importers also weighed the sentiment of rupee heavily. Investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs. US stock indexes posted modest gains ON 14 May 2018 and the Dow ended with an eighth gain in a row, extending an uptrend on signs of easing trade tensions between the US and China.



 

USDINR 



Our buy call from 67.90—68.20 has proven great


Now what to expect?


Support at 67.90 and Resistance at 68.30


Trading in range for the day. Either side break and close will set the further trend in it


Trade with levels only




GBPINR



Support at 91.80 and Resistance at 92.10


Below 91.80 panic will likely to continue till 91.50—91.30 else could touch its resistance level of 92.10


Fresh buying can be initiated above 92.10


Trade with levels only



EURINR



Our sell call from 80.80---80.50 has proven great


Now what to expect?


Support at 80.50 and Resistance at 80.90


Below 80.50 panic will likely to continue till 80.20—80.100 else could touch its resistance level of 80.90


Fresh buying can be initiated above 80.90


Trade with levels only



JPYINR


Support at 61.60 and Resistance at 61.90


Below 61.60 panic likely to continue till 61.30—61.00 else could touch its resistance level of 61.90


Fresh buying can be initiated above 61.90



EURUSD


Our sell call from 1.1940—1.1840 has proven great


Now what to expect?


Support is 1.1830 .Below 1.1830 will take it to 1.1760—1.1730 else could touch its resistance level of 1.1900.


Fresh buying can be seen on close above 1.1900.



GBPUSD


Support at 1.3500 and Resistance at 1.3550


Below 1.3500 will take it to 1.3450—1.3410 mark else could touch its resistance level of 1.3550 mark.


Fresh buying can be seen on close above 1.3550



USDJPY


Our buy call from 109.70—110.25 has proven great


Now what to expect?

 

Rally likely to continue. Hurdle is 110.30. Break and sustain above 110.30 will take it to 110.80—111.20 mark.


Support and stop loss will remain below 109.70.


Trade with levels only.




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Tags: Currency

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