A former Egyptian minister has said that crude oil prices can fall to $60 in the near term. Lower crude prices will increases the chances of a delayed interest rate hike by the Federal Reserve next year which should be bullish for gold, emerging market currencies and emerging market stocks.
Hope and expectation of the people of India for a better life and higher income and higher jobs creation has increased multifold after yesterday’s state results. It is now upto to the NDA government at centre and states to perform beyond people’s expectation particularly in area of job creation.
We have s shortened trading week. Traders will be taking positions for next week as the week progresses. Trading volumes will fall this week.
Usd/inr October 2014 (expiry on 29th October): It needs to trade over 61.21 to rise to 61.52-61.86. There will be buyers between 60.80-61.10 zone. Only a fall below 60.80 will trigger a sell off.
Euro/inr October 2014 (expiry on 29th October): Back to square one as it needs to trade over 77.73 this week to rise to 79.00-79.76. There will be a technical break down only below 77.73 only.
Gbp/Inr October 2014 (expiry on 29th October): Resistance is at 99.02 and only a break of 99.02 will result in further rise to 99.42 and 99.96. Initial support is at 98.62 with 98.39 as the key support.
Jpy/Inr October 2014 (expiry on 29th October): Initial support is at 56.96. Yen/inr needs to trade over 56.96 to rise to 57.52-57.96. There will be sellers only below 56.96 today.
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