There is major US economic data release this week. It will be a technical trade with the US dollar as the key.
Usd/inr July 2014: It will break free from 59.86-60.32-60.76 range this week and form a new range. Jobbers watch 60.32 and trade accordingly.
Euro/inr July 2014: Initial support is at 81.40 and there will be another wave of selling only below 81.40 to 81.15-80.78. Overall till July futures close, there will be sellers on rise as long as euro/inr does not break 83.00.
Gbp/Inr July 2014: Cable needs to trade over 102.88 to rise to 103.20-103.76. There will be sellers only below 102.88 to 102.66-102.48.
Jpy/Inr July 2014: It needs to trade over 59.49 to be in intraday bullish zone and rise to 59.84-60.10. Key weekly support is at 59.29. Jobbers watch 59.49 all the time.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.