[Metal Price] Daily Currency Technical Report 07 August,2015 - Emkay Commotrade

Published: Aug 07, 2015 15:30 (GMT+8)

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GBP/USD broke down to hit an intraday low of 1.5466 levels but the pair managed to rebound above 1.5500 levels.

By Paul Ploumis 07 Aug 2015 Last updated at 04:05:05 GMT

DAILY FX TECHNICAL

GBPUSD –Daily Chart

GBP/USD broke down to hit an intraday low of 1.5466 levels but the pair managed to rebound above 1.5500 levels. A break below 1.5450 will see prices weaken further and test 1.5375/1.5325 levels. Resistance for the pair is placed between 1.5650-1.5690 zones.

USDJPY –Daily Chart

USD/JPY pair retraced lower and hit an intraday low of 124.52 levels yesterday. The pair can rebound until prices hold on to supports between 124.30-124 levels Momentum above 125 will take prices higher towards 125.501125.70 levels. A daily close below 124 will be negative for USD/JPY.

Currency	Technical Outlook for the day on Indian Pairs
USDINR	Aug. USDINR closed on a flat note yesterday. Sustenance below 64 will see prices move lower and test 63.85/63.80 levels. Intraday pullback rallies will face resistance between 64.20-634.25 zones. A reversal is likely only once the pair breaks above 64.25 levels again.
EURINR	Aug. EURINR pair moved higher to hit an intraday high of 70.03 levels but prices couldn't sustain at higher levels and closed lower at 69.80 levels yesterday. Intraday rallies will face selling between 70.15-7030 zones. The pair has to close above these resistance zones for a reversal. A break below 6950 will see prices correct towards 6925/69 levels.
JPYINR	Aug. JPYINR pair can rebound until prices hold on above support around 51.20 levels. Any up move though will find resistance as prices approach 51.60/51.70 areas. Further fall in the pair is likely only on a close below 51.20 levels.
GBPINR	Aug. GBPINR pair sold-off from its intraday highs at 100.08 and closed lower at 99.31 with a cut of 0.59%. Intraday rallies will face resistance between 9935-99/0 zones. The pair can slide lower towards 99/98.80 areas. A close below 98.80 will open downside targets of 9830/98 levels for GBP/INR pair.

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