Daily Currency Technical Report 20 August,2015 - Emkay Commotrade

Published: Aug 20, 2015 18:58

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USDINR pair couldn't sustain at its intraday highs at 65.45 levels and the pair closed at 65.26 levels yesterday.

By Paul Ploumis 20 Aug 2015 Last updated at 03:29:43 GMT

DAILY FX TECHNICAL

USDINR Spot – Daily Chart

USDINR pair couldn't sustain at its intraday highs at 65.45 levels and the pair closed at 65.26 levels yesterday. Failure to sustain above 65.50 on intraday rallies will see prices retrace lower towards 65.10/65 levels. Fresh momentum will be seen once prices break above 65.50 levels The pair will rally towards 65.70/65.85 levels in that case.

EURUSD – Daily Chart

EUR/USD pair managed to rebound from its intraday lows at 1.1015 levels yesterday. The pair though needs to sustain above 1.1125 levels to advance towards 1.1190/1.1200 levels again. Intraday dips will find buying support until prices hold on to support between 1.0980-1.0950 levels.

GBPUSD –Daily Chart

GBP/USD pair moved lower from its intraday highs at 1.5697 levels. Prices need to sustain above 1.5700 for few sessions for the counter to rally towards 1.5800/1.5850 levels. Until then we expect the pair to be side ways between 1.5700 to 1.5450 levels.

USDJPY –Daily Chart

USD/JPY pair moved lower towards 124 levels yesterday. Sustenance below 124 will see prices drift lower towards 123.70/123.40 levels. Areas between 124.50-124.60 has been established as immediate resistance for the pair. The outlook for JPYUSD will be negative until prices stay below 124.60 levels.

Currency	Technical Outlook for the day on Indian Pairs
USDINR	Aug. USDINR pair couldn't sustain at its intraday highs at 65.63 levels and the pair closed at 6535 levels yesterday. Failure to sustain above 65.60 on intraday rallies will see prices retrace lower towards 65.10/65 levels. Fresh momentum will be seen once prices break above 65.65 levels. The pair will rally towards 65.85/65.98 levels in that case.
EURINR	Aug. EURINR pair retraced lower but the pair managed to recover from its intraday lows at 71.90 and close at 72.09 levels yesterday. Failure to trade above 72.60 on intraday rallies will see prices correct further towards 71.50/71.20 levels over the coming sessions. Sustenance above 72.60 will see prices head higher and test 73/73.25 levels.
JPYINR	Aug. JPYINR pair retraced lower after testing its resistance around 52/0 levels yesterday. Sustenance above 52/0 will see prices advance towards 5/95/53 levels. The outlook for JPYINR pair will remain positive until prices hold on above 5220 levels. Until then traders can look to go long on dips towards 5230/5220m levels.
GBPINR	Aug. GBPINR pair continue to hover around 102.50 levels. Failure to break above 10275 levels will see prices correct towards 101.50 levels. A daily close above 103 will see prices rally towards 10335/103.80 levels. Until then prices will move lower.

Courtesy : Emkay Commotrade

Emkay Commotrade Ltd.
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