[Base Metal]Daily Currency Technical Report 06 August,2015 - Emkay Commotrade

Published: Aug 6, 2015 16:23

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USDINR pair opened higher at 63.91 levels but prices slipped lower as the session progressed and closed at 63.75 levels Areas between 63.90-63.95 will act as resistance for the pair on up moves.

By Paul Ploumis 06 Aug 2015 Last updated at03:40:14 GMT

USDINR pair opened higher at 63.91 levels but prices slipped lower as the session progressed and closed at 63.75 levels Areas between 63.90-63.95 will act as resistance for the pair on up moves.

DAILY FX TECHNICAL

USDINR Spot – Daily Chart

USDINR pair opened higher at 63.91 levels but prices slipped lower as the session progressed and closed at 63.75 levels Areas between 63.90-63.95 will act as resistance for the pair on up moves. Sustenance below 63.70 will see prices move lower and test 63.55/63.50 levels The view for USDINR pair will remain negative until prices stay below 64 levels.

EURUSD – Daily Chart

EUR/USD pair traded on a weak note and prices hit an intraday low of 1.0846 levels yesterday. Prices can test its immediate support around 1.0810-1.0800 levels over the coming sessions. Immediate resistance for the pair is seen around 1.1000 areas. The outlook for EUR/USD pair will be negative until prices stay below this resistance.

GBPUSD –Daily Chart

GBP/USD managed to rebound from its intraday lows around 1.5525 levels and rallied towards the higher end of its consolidation range yesterday. Selling at higher levels dragged prices lower. The pair will face strong resistance between 1.5670-1.5690 areas on the upside. Failure to break above 1.5700 levels will see prices correct towards 1.5448 levels.

USDJPY –Daily Chart

USD/JPY pair witnessed momentum once prices started to sustain above resistance at 124.60 levels. The pair hit an intraday high of 125.01 levels yesterday. Dips from higher levels will find support between 124.30-124 levels. The pair can move higher towards 125.50/125.70 levels over the coming sessions.

Currency	Technical Outlook for the day on Indian Pairs
USDINR	Aug. USDINR opened higher at 6413 levels but prices slipped lower as the session progressed and closed at 64.01 levels. Areas between 6420-64.25 will act as resistance for the pair on up moves. Sustenance below 64 will see prices move lower and test 63.90/63.85 levels. The view for USDINR pair will remain negative until prices stay below 64.25 levels.
EURINR	Aug. EURINR pair opened with a negative gap and prices closed down with a cut of 1.05% yesterday. We expect prices to test 69.25/69 levels over the coming sessions. Rallies will face resistance around 69.80-70 levels. Areas between 69-68.80 are major support for the pair.
JPYINR	Aug. JPYINR pair continued to move lower and the counter closed with a cut of 0.40% yesterday. We expect the pair to open with a negative gap and the pair can move lower towards next support around 51.20 levels. A daily close below 51.20 will see prices correct further towards 51 levels.
GBPINR	Aug. GBPINR pair managed to rebound after hitting an intraday low of 99.51 levels yesterday. The pair will face resistance between 100.30-100.55 zones on the upside. A break below immediate support around 99.40 will see prices correct towards 99/98.80 levels.

Courtesy : Emkay Commotrade

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