Daily Currency Technical Report 18 August,2015 - Emkay Commotrade

Published: Aug 19, 2015 10:33

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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.

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.

Currency	Technical Outlook for the day on Indian Pairs
USDINR	Aug. USDINR pair witnessed a gap up opening and prices moved higher to hit an intraday high of 65.50 levels. The pair closed the session with a gain of 0.51% yesterday. Dips from higher levels will find support between 65.10-65 zones. Sustenance above 65.50 will see prices rally towards 65.65/65.80 levels. A corrective move is likely only if prices start to sustain below 65 levels.
EURINR	Aug. EURINR pair opened lower but prices recovered from its session lows at 7231 levels and closed higher at 72.55 levels. Failure to break below 72 levels will see prices rebound towards 73.19/73A5 levels over the coming sessions. A break below 72 will see prices retrace towards 71.50/71 AO levels.
JPYINR	Aug. JPYINR pair consolidated around 5/55 levels throughout yesterday's session. Intraday dips will find support between 5230/5/20 levels. Failure to break below this support will see prices rebound towards 52/0 levels. A daily close above 52/0 will be positive for the pair. Prices can rally towards 53 levels in that case.
GBPINR	Aug. GBPINR pair closed with a gain of 0A8% yesterday. Areas between 102/5-103 are the immediate resistance for the counter. Failure to sustain at higher levels will see prices retrace lower towards 101.80/10150 levels. A sharp correction cannot be ruled out in GBPINR pair.

Courtesy : Emkay Commotrade

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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