USD/INR June Future – Sell on every rise towards 67.65-67.70
Target 67.25-67.00. Stop loss above 67.90.
Dollar/Rupee has been consolidated around 67.40-67.75 and
settled at 67.575 levels. The
pair was unable to break its immediate resistance of 67.75 on closing basis as
dollar weakened against other major currencies on fears of a possible rate hike
by the Fed this summer waned following the release of mixed economic data in
the US and as traders took profits on recent gains.
Technically, weekly price action resulted in formation of
Doji candle stick which is indicating for relatively indecisive trend for next
week.
Immediate support is seen at 67.25, and sustain
trade below only will expect to test 67.00-66.75; else pair expect to consolidate
around 67.30-67.80 levels.
On the other hand, a break above 67.90 only will
open to door for 68.25-68.50 and above levels
Dollar Index – Strong resistance 96.00
The dollar witnessed more than 1.70% speculative plunged
on a single day as disappointed U.S. economic data has resulted in uncertainty
about raising interest rates by Federal Reserve in the near term. The non-farm payrolls data stood at
38,000 May, far below expectations for an increase of 164,000.
Technically, weekly price action resulted in formation of
long bearish candle stick which is indicating for bearishness in dollar index,
however Fed rate speculation likely to restrict loss in the dollar index in
next two week. Immediate support is seen at 93.60 sustain trade below will
expect to test 93.40-92.80,
on the upside strong resistance is seen at 96.00
sustain trade above only will expect to test 96.50-97.00.
EUR-INR June Future – Buy on dip around 75.40-75.50
Target 75.80-76.10. Stop loss below 75.20.
EUR-INR swung in between 75.99-75.06 levels last week and
settled at 75.35, down 0.03%. Euro refused to react to slew of economic data
for the Eurozone economies released as investors remained sideline ahead of US
NFP data release, while EUR-USD enjoyed its best winning weak since 24 April
and gain 2.34% after lower than forecast U.S. jobs data which likely to pushed
a June interest rate hike from the Federal Reserve off the table.
Technically, a inverted hammer candle stick formation on
the weekly chart is indicating for bearish trend reversal and EUR-INR may show
short term pullback towards 76.00-76.35again.
Further, down side move will expect to come below the
support 75.25 towards 74.80-74.55.
GBP/INR June Future – Sell on rise around 98.80-99.00 Target 98.20-97.50-96.80. Stop loss above 99.25.
GBP-INR witnessed 1.34% fall last week and as per the
sell strategy given below 98.40 was successful with pair drop towards target
97.35 (weekly low was 97.2150). Pound
moved to over one-week lows after two surveys by polling firm ICM showed UK
citizens have moved towards vote for a Brexit at this month's referendum.
However, GBP recovered nearly 0.73% against the dollar,
as it weakened globally after uneven economic data from the world's largest
economy resulted in uncertainty about raising interest rates by Federal Reserve
in the near term.
Technically, a long bearish candle stick formation with
almost same top is indicating for bearishness in GBP-INR. Hence, this week any
rise towards 98.85-99.00 is expect to attract huge selling pressure for the
target 97.80-97.30 and below
JPY/INR June Future – Buy around 62.10-62.00 Target 62.74-63.10. Stop loss below 61.85.
Japanese Yen was able to gain 3.42% against the dollar
and 0.95% against the Rupee after comments by Bank of Japan board member
Takehiro Sato, who said on Thursday he was opposed to deepening negative
interest rates.
Japan postponed its plans to hike sales tax on
Wednesday leading to concerns that Bank of Japan may not boost its monetary
stimulus in near term. Japanese
Prime Minister Shinzo Abe announced a two and a half-year delay in a sales tax
increase, putting plans for fiscal reform on the back burner amid weakness in
the economy.
The Japanese also strengthened as both dollar and Asian
stocks pared gains on after the release of US non-farm payroll data which came
below than forecasted figure.
Technically, a bullish engulfing candle stick pattern is
indicating for bullishness in JPYINR, and a break above 62.10 is appear to set
rally towards 62.65-63.00.
High Impact Economic Data & Events Schedule during the week
Date
|
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Impact
|
06.06.16
|
10:00pm
|
USD
|
Fed Chair Yellen Speaks
|
-
|
-
|
-
|
08.06.16
|
Tentative
|
CNY
|
Trade Balance
|
358B
|
298B
|
Positive
|
2:00pm
|
GBP
|
Manufacturing Production m/m
|
0.10%
|
0.10%
|
Neutral
|
|
8:00pm
|
USD
|
Crude Oil Inventories
|
-
|
-
|
-
|
|
09.06.16
|
12:30pm
|
EUR
|
ECB President Draghi Speaks
|
-
|
-
|
-
|
6:00pm
|
USD
|
Unemployment Claims
|
270K
|
267K
|
Negative
|
|
10.06.16
|
7:30pm
|
USD
|
Prelim UoM Consumer Sentiment
|
94.1
|
94.7
|
Positive
|
More Will Update soon..
