Traders will start taking positions for Monday from today and tomorrow. Friday Indian currency markets are closed due to colorful festival of “Holi”. Global events in the form of US February employment numbers and direction of the US dollar will impact the rupee more. US dollar-Indian rupee will break free from the recent consolidation phase and form a new range. There will be big one way moves. There can be massive short covering in case usd/inr weakens next week. We are against leaving open positions for Monday, more so in euro and cable.
Usd/inr March 15 (expiry on 27th March 15):
- Jobbers aggressive buy over: 62.11 stop loss 62.0750 for 62.2075-62.3225
- Jobbers aggressive sell below: No
- Key support is at 61.9575. Usd/inr needs to trade over 61.9575 today to rise to 62.30-62.41. There will be sellers only below 61.9575
Euro/inr March 15 (expiry on 27th March 15):
- Jobbers aggressive buy over: 69.62 stop loss 69.49 for 69.76-69.92
- Jobbers aggressive sell below: 69.26 stop loss 69.41 for 69.0775 and 68.8975
- Euro/inr needs to 69.2625 till tomorrow to rise to 70.3150. There will be a technical breakdown only below 69.2625.
Gbp/Inr March 15 (expiry on 27th March 15):
- Cable has a key support at 95.1525. There will be another wave of selling if cable trades below 95.1525 only. On the higher side only a break of 95.5550 will resume the intraday bullish zone.
Jpy/Inr March 15 (expiry on 27th March 15):
- Yen/inr needs to trade over 51.6825 to prevent another sell off to 51.4325 and 51.1375. Only a break of 51.9675 will resume the intraday bullish zone.
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