Indian rupee is gaining on expectation that lower commodity prices will translate into lower current account deficit. Rupee is at a critical juncture where the next two weeks trend could tell us the direction till end June. 53.70 is the key support for usd/inr may futures and there will be a crash to 53.06 and 52.50. Yen may futures needs to trade over 54.06 to prevent another round of selling. We expect the rupee to gain further will prefer to use a sell on rise strategy for May futures with a stop loss of 55.75 till end may. With government hell bent on selling even national importance sectors such as telecom (proposed 100% FDI) to overseas investors among other rupee will gain.
Trading strategy For the very large traders and high risk traders
US-DOLLAR – INDIAN RUPEE (USD/INR) APRIL 2013 – (CURRENT PRICE 54.0375)
Bullish over 54.0675 with 54.3025-54.6025 as price targetBearish below 53.9225 with 53.7725 and 53.5650 as price targetNeutral Zone: 53.9225-54.0675
EURO-INDIA RUPEE (EUR/INR) APRIL 2013 – (CURRENT PRICE 70.5850)
Bullish over 70.8300 with 71.2775 and 71.7625 as price targetBearish below 70.5425 with 70.2250-70.0675 as price targetNeutral Zone: 70.5425-70.8300
UK POUND -INDIA RUPEE (GBP/INR) APRIL 2013 – (CURRENT PRICE 82.4850)
Bullish over 82.6975 with 83.0225 and 83.5675 as price targetBearish below 82.2225 with 82.0950 and 81.6900 as price targetNeutral Zone: 82.2225-82.6975
JAPANESE YEN -INDIA RUPEE (JPY/INR) ARPIL 2013 – (CURRENT PRICE 54.9425)
Bullish over 55.0675 with 55.3025 and 56.0125 as price targetBearish below 54.4850 with 54.0975 and 54.0225 as price targetNeutral Zone: 54.4850-55.0675
Happy profitable trading & Trade without emotions
Trading strategy For the very large traders and high risk traders
- USD/INR APRIL 2013: Sell below 54.03 stop loss 54.13 for 53.9225-53.7225
- EURO/INR APRIL 2013: Sell on rise with a stop loss of over 71.22 for Monday
- GBP/INR APRIL 2013: Watch 82.60 and trade accordingly
- JPY/INR APRIL 2013: Buy if and only if jpy/inr trades over 55.0600
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) APRIL 2013 – (CURRENT PRICE 54.0375)
Bullish over 54.0675 with 54.3025-54.6025 as price targetBearish below 53.9225 with 53.7725 and 53.5650 as price targetNeutral Zone: 53.9225-54.0675
- 54.06 is the key support and there will be another wave of selling below 54.0600
- Key weekly support is at 54.0600
EURO-INDIA RUPEE (EUR/INR) APRIL 2013 – (CURRENT PRICE 70.5850)
Bullish over 70.8300 with 71.2775 and 71.7625 as price targetBearish below 70.5425 with 70.2250-70.0675 as price targetNeutral Zone: 70.5425-70.8300
- Euro/inr needs to break and trade over 70.8300 else it will fall to 70.2725-69.9025
- We prefer a sell on rise strategy as long as euro/inr trades below 71.3200
UK POUND -INDIA RUPEE (GBP/INR) APRIL 2013 – (CURRENT PRICE 82.4850)
Bullish over 82.6975 with 83.0225 and 83.5675 as price targetBearish below 82.2225 with 82.0950 and 81.6900 as price targetNeutral Zone: 82.2225-82.6975
- Cable needs to trade over 82.6975 to target 83.32-83.75
- There will be another wave of selling only below 82.5650
JAPANESE YEN -INDIA RUPEE (JPY/INR) ARPIL 2013 – (CURRENT PRICE 54.9425)
Bullish over 55.0675 with 55.3025 and 56.0125 as price targetBearish below 54.4850 with 54.0975 and 54.0225 as price targetNeutral Zone: 54.4850-55.0675
- Key long term support for May futures is at 54.06 and long as yen may futures trades over 54.06 we prefer a buy on dips strategy.
- Only a break of 55.0675 will resume the uptrend.
Happy profitable trading & Trade without emotions
Recommended Content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.