Forex Report: 11th July 2019

By: Admin
48513

Insignia Consultants

New Delhi

Thursday, July 11, 2019

TIME: 9:00 am IST        

FOREX REPORT

(inter-bank prices below)

US dollar should trade with a softer bias today. Interest rate cut towards the end of the month has been confirmed by Federal Reserve chairman yesterday. US economy still has higher growth than UK, Eurozone or Japan. US dollar can see a slow and steady decline and not a sell off. Yen can get the benefit of a safe haven. Nations diversifying their trade in currencies other than the US dollar implies long term structural decline of the greenback has started. The next three trading sessions till Monday is very crucial US dollar Index, Indian rupee, Rupiah and other emerging market currencies.

 

Forex Daily Technical Levels

 

usd/inr

usd/idr

euro/usd

gbp/usd

usd/jpy

CMP

68.3550

14062.50

1.1273

1.2529

107.94

S5

67.8250

13964.50

1.1192

1.2260

106.47

S4

67.9522

13988.02

1.1211

1.2325

106.82

S3

68.0900

14013.50

1.1233

1.2395

107.21

S2

68.1525

14025.06

1.1242

1.2426

107.38

S1

68.2299

14039.37

1.1254

1.2466

107.59

 

 

 

 

 

 

R1

68.4801

14085.63

1.1292

1.2592

108.29

R2

68.5575

14099.94

1.1304

1.2632

108.50

R3

68.6200

14111.50

1.1314

1.2664

108.68

R4

68.7578

14136.98

1.1335

1.2733

109.06

R5

68.8850

14160.50

1.1354

1.2798

109.41

 

CMP= Current price market price

ABOVE TECHNICALS ARE ONLY FOR REFERENCE

USD/INR: (a) 100% retracement is at 68.2550. (b) Crash or sell off will be there if rupee trades below 68.2550 to 68.0950 and 67.8850. (b) Rupee needs to trade over 69.5500 to be in bullish zone.

USD/IDR: (a) 100% retracement is at 13970. (b) Crash till next week will be there only below 13970. (c) If rupiah falls till Monday, then chances of 13835 and 13737 will be very high by 19th July. (d) Rupiah needs to trade over 14120-14130 zone to rise further.

Euro/usd: (a) It needs to trade over 1.1210 to rise to 1.1315 and 1.1400. (b) Sell off will be there below 1.1210.(c) Today’s close is important from a technical perspective.

Gbp/usd: (a) Cable can rise to 1.2597 and 1.2630 as long as it trade over 1.2470. (b) Small sell off will be there below 1.2470.

Usd/jpy: (a) Yen can fall to 107.53 and 106.40 as long as it trades below 108.40.

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.