Forex Report: 23rd July 2019

By: Admin
4 weeks ago
16166

Insignia Consultants

New Delhi

Tuesday, July 23, 2019

TIME: 8:50 am IST        

FOREX REPORT

(inter-bank prices below)

European central bank meeting on Thursday is expected to deliver an interest rate cut or something similar. UK leadership change can result in a hard brexit. Traders are heavily short in cable. One needs to look for short covering in cable over the coming weeks. Bond yields will play a greater role in dictating currency prices. Right now currency price moves is fundamental. US economy is way better off than UK or Eurozone. Indian rupee should trade with a softer bias. Some profit taking before futures expiry next week can add to volatility. Traders will start taking positions for next week’s FOMC meet.

 

Forex Daily Technical Levels

 

usd/inr

usd/idr

euro/usd

gbp/usd

usd/jpy

CMP

68.9575

13967.50

1.1198

1.2463

108.03

S5

68.6150

13787.00

1.1108

1.2286

106.86

S4

68.6972

13830.32

1.1130

1.2328

107.14

S3

68.7863

13877.25

1.1153

1.2375

107.45

S2

68.8267

13898.55

1.1164

1.2395

107.58

S1

68.8767

13924.90

1.1177

1.2421

107.75

 

 

 

 

 

 

R1

69.0383

14010.10

1.1219

1.2505

108.31

R2

69.0883

14036.45

1.1232

1.2531

108.48

R3

69.1288

14057.75

1.1243

1.2552

108.62

R4

69.2178

14104.68

1.1266

1.2598

108.92

R5

69.3000

14148.00

1.1288

1.2640

109.20

 

CMP= Current price market price

ABOVE TECHNICALS ARE ONLY FOR REFERENCE

 

USD/INR: (a) It can rise to 69.1225 and 69.3875 by tomorrow as long as it trades over 68.7350. (b) Sell off will be there below 68.7350.

USD/IDR: (a) Key resistance is at 13990. There will be another wave of rise if rupiah manages to break and trade over 13990 to 14045 and 14138. (b) Sellers will be there below 13935 to 13909 and 13880.

Euro/usd: (a) It needs to trade over 1.1179 to rise to 1.1266 and 1.1309. (b) Sell off will be there below 1.1179. (c) Key support for the rest of the month is at 1.1135.

Gbp/usd: (a) Initial support is at 1.2430 with 1.2402 as key support. (b) Cable needs to trade over 1.2402 for the rest of the month to rise to 1.2606 and 1.2700. (c) Crash will be there only below 1.2402.

Usd/jpy: (a) Yen needs to trade over 107.69 to rise to 108.89 and 109.40. (b) Sell off will be there only below 107.69

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.