Trades are hesitant to short the rupee before the FOMC meet. A hawkish comment on US interest rate hike can result in very sharp and quick gains for rupee and other emerging market currencies. There is nothing much on the domestic front. The sentiment is positive for the Indian economy. The prime minister Modiji is doing everything he can to attract more and more global companies to start manufacturing in India. Jobs for all kinds of skill sets will be on the rise over the next few months.
Usd/inr November 2014 (expiry on 26th November): Resistance is at 61.7875 with 61.4275 and 61.1350 as support. Only a break of 61.7875 will result in further gains.
Euro/inr November 2014 (expiry on 26th November): Resistance is at 78.52 and only a break of 78.52 will result in further rise to 78.73 and 79.02. Initial support is at 78.12 and there will be sellers only below 78.12.
Gbp/Inr November 2014 (expiry on 26th November): It can rise to 99.8550 and 100.37 as long as it trades over 99.24. There will be sellers only if cable trades below 99.24 in UK session.
Jpy/Inr November 2014 (expiry on 26th November): It can rise to 57.53-57.96 as long as it trades over 57.08. There will be sellers only below 57.08 today.
Usd/inr November 2014 (expiry on 26th November): Resistance is at 61.7875 with 61.4275 and 61.1350 as support. Only a break of 61.7875 will result in further gains.
Euro/inr November 2014 (expiry on 26th November): Resistance is at 78.52 and only a break of 78.52 will result in further rise to 78.73 and 79.02. Initial support is at 78.12 and there will be sellers only below 78.12.
Gbp/Inr November 2014 (expiry on 26th November): It can rise to 99.8550 and 100.37 as long as it trades over 99.24. There will be sellers only if cable trades below 99.24 in UK session.
Jpy/Inr November 2014 (expiry on 26th November): It can rise to 57.53-57.96 as long as it trades over 57.08. There will be sellers only below 57.08 today.
Recommended Content
Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold slumps below $2,300 as US yields rebound
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.