Forex Technical Levels: 12th June 2019

By: Admin
36153

Insignia Consultants

New Delhi

Wednesday, June 12, 2019

TIME: 8:20 am IST                  

FOREX TECHNICAL LEVELS

(inter-bank prices below)

US dollar is weaker on expectation of Federal Reserve interest rate cut over the coming weeks and months. If the Fed adopts a neutral stance, then, there will short covering in short US dollar positions. Right now the momentum for US dollar Index is down. American tech companies have started shifting their hardware and software production units from China to comply with Trump’s order. Trade war will be short term gains for the greenback but long term pains. All incoming US economic data releases will be irrelevant till the FOMC meet next unless they say anything on interest rates.

 

Forex Daily Technical Levels

 

usd/inr

usd/idr

euro/usd

gbp/usd

usd/jpy

CMP

69.4150

14240.00

1.1328

1.2716

108.4600

S5

68.7700

14060.00

1.1242

1.2605

107.8600

S4

68.9248

14103.20

1.1263

1.2632

108.0040

S3

69.0925

14150.00

1.1285

1.2661

108.1600

S2

69.1686

14171.24

1.1295

1.2674

108.2308

S1

69.2628

14197.52

1.1308

1.2690

108.3184

 

 

 

 

 

 

R1

69.5672

14282.48

1.1348

1.2742

108.6016

R2

69.6614

14308.76

1.1361

1.2758

108.6892

R3

69.7375

14330.00

1.1371

1.2772

108.7600

R4

69.9052

14376.80

1.1393

1.2800

108.9160

R5

70.0600

14420.00

1.1414

1.2827

109.0600

 

CMP= Current price market price

ABOVE TECHNICALS ARE ONLY FOR REFERENCE

 

USD/INR: Rupee can fall to 69.1675 and below as long as it trades below 69.6625. Only a break of 69.6625 will trigger another wave of rise.

USD/IDR: Overall trend is down as long as rupiah trades below 14277-14290 zone with 14150 and 14070 as price target.

Euro/usd: (a) 200 day moving average at 1.1365 is the key resistance. Only a break of 1.1365 will result in 1.1500 in the short term. (b) Sell off will be there below 100 day MA of 1.1275.

Gbp/usd: (a) It needs to trade 1.2680 to rise to 1.2766 and 1.2851. (b) Crash will be there only below 1.2680.

Usd/jpy: (a) Yen needs to trade over 108.20 to rise to 109.10 and 109.56. Sell off will be there below 108.20. If the US dollar continues to fall then chances of 107 by Friday is very high.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currency, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani

NOTES TO THE ABOVE REPORT

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

Indian Standard Time (IST): +5:30 GMT

Current Market Price (CMP)

All foreign exchange prices are for inter-bank rates.