Daily Currency Technical Report 18 August,2015 - Emkay Commotrade

By Paul Ploumis 18 Aug 2015  Last updated at 03:50:31 GMT

USDINR pair witnessed a gap up opening and prices moved higher to hit an intraday high of 65.39 levels. The pair closed the session with a gain of 0.45% yesterday.

DAILY FX TECHNICAL

USDINR Spot – Daily Chart

USDINR pair witnessed a gap up opening and prices moved higher to hit an intraday high of 65.39 levels. The pair closed the session with a gain of 0.45% yesterday. Dips from higher levels will find support between 65-64.90 zones. Sustenance above 65.40 will see prices rally towards 65.60165.80 levels. A corrective move is likely only if prices start to sustain below 64.90 levels.

EURUSD – Daily Chart

EUR/USD pair has retraced lower from its recent swing highs at 1.1214 levels. Sustenance below 1.1020 will see prices dip towards immediate support areas between 1.0980-1.0950 levels The Outlook for EUR/USD pair will be positive until prices hold on to this support. Momentum above 1.1200 will take prices higher towards 1.1270/1.1300 levels.

GBPUSD –Daily Chart

GBP/USD pair retraced lower from its intraday highs at 1.5688 levels yesterday. Areas between 1.5660-1.5700 are strong supply zone for the pair. Failure to trade at higher levels will see GBPUSD pair retrace lower towards support levels placed between 1.5480-1.5420 levels. A decisive breakout above1.5700 will see prices move higher towards 1.5800/1.5850 levels.

USDJPY –Daily Chart

USD/JPY pair is consolidating in a tight range between 124 to 124.60 over the past three sessions. The corrective move will extend further once prices break and sustain below 124 levels again. A re-test of 125 levels is likely only once prices breakout above 124.60 levels decisively.

Courtesy : Emkay Commotrade