DOLLAR-RUPEE
Dollar/rupee ended up Wednesday on likely overseas funds outflow from local stocks amid strong dollar following hawkish comments from key Fed officials.
USD-INR
has stalled its downside move which started since 26 Feb 2016, and recently it
recovered more than 0.66% from its previous swing low of 66.5250.
The
short term positive consolidation above the support 66.50 is looking like
double bottom pattern which points to bearish trend reversal and hints that
USD-INR may test 67.50-67.80 very soon.
However,
the pattern yet not completed and pair would need to break above 67.30 in order
to give confirmation. Hence, any rise towards 67.00-67.15 may show correction
for the downside level 66.75-66.60 unless it gives a closing above 67.30.
EUR-RUPEE
Euro snapped its some gains on Wednesday on dismal economic data from the 19-nation economy increasing the chances of more stimuli from the European Central Bank. France's trade deficit narrowed in March from February as imports fell faster than exports, the French customs office said Wednesday.
EURINR
retraced from 76.95 and tested 76.7025; however pair remained above the
breakout of short term trend line drawn on the chart.
Hence,
further correction is expected to come below 76.65 else failure of the
breakdown could result pullback towards 77.00-77.20 again.
Intraday
traders may sell EUR-INR around 76.80-76.90 Target 76.60-76.40. Stop loss above
77.05.
GBP- RUPEE
Pound witnessed nearly one percent correction on Wednesday as dollar strengthened globally against other major currencies after Federal Reserve officials indicated on higher prospects of an interest rate hike in the world's largest economy. Meanwhile, pound slumped after an unexpected contraction in UK construction activity for the month of April.
Inverted
hammer candle stick resulted in nearly 1% fall in GBPINR and after hitting a
low of 96.78 pair settled at 96.91. Short term trend has been
shifted into bearish following the above hammer candle stick.
Near
term resistance is seen at 97.35, and GBPINR would need to trade above these
levels in order to test 97.60-97.90.
Sell
around 97.10-97.20 Target 96.80-96.60. Stop loss above 97.35.
JPY-RUPEE
Yen
gave up more than 0.60% on Wednesday as the dollar strengthened globally and
rebounded from a 15-month low after Federal Reserve officials indicated on
chances of a Fed rate hike in the near term.
JPYINR
has stalled its recent bullish rally and retraced more than 1.20% from its
previous swing high. On the daily chart candle stick formation is not
sufficiently potent trend reversal signal, but any rise towards 62.80-63.0 is
expect to attract short term selling activities.
Further,
there is strong resistance of 63.10 and JPYINR would need to trade above this
level in order to test 63.50-64.00.
Major Economic Data & Events Schedule today
|
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
|
All Day
|
JPY
|
Bank Holiday
|
-
|
-
|
-
|
|
7:15am
|
CNY
|
Caixin Services PMI
|
52.6
|
52.2
|
Positive
|
|
All Day
|
EUR
|
French Bank Holiday
|
-
|
-
|
-
|
|
All Day
|
EUR
|
German Bank Holiday
|
-
|
-
|
-
|
|
1:00pm
|
GBP
|
Halifax HPI m/m
|
0.10%
|
2.60%
|
Negative
|
|
1:30pm
|
EUR
|
ECB Economic Bulletin
|
-
|
-
|
-
|
|
1:40pm
|
EUR
|
Retail PMI
|
-
|
49.2
|
-
|
|
2:00pm
|
GBP
|
Services PMI
|
53.6
|
53.7
|
Negative
|
|
Tentative
|
EUR
|
Spanish 10-y Bond Auction
|
-
|
1.61|1.5
|
-
|
|
Tentative
|
GBP
|
10-y Bond Auction
|
-
|
1.51|2.0
|
-
|
|
5:00pm
|
USD
|
Challenger Job Cuts y/y
|
-
|
31.70%
|
-
|
|
6:00pm
|
USD
|
Unemployment Claims
|
261K
|
257K
|
Negative
|
