Dollar/Rupee July Future
sell
around 67.25-67.30 Target 67.00. Stop loss above 67.40.
Above
67.45 will expect to test 67.75 and above.
Dollar/rupee ended at one-week high Monday on likely overseas
funds outflow from local stocks amid dollar buying by nationalized banks on
behalf of oil and defence importers.
Technical, Bullish engulfing pattern resulted in more than 0.18%
positive move in USDINR. On
the EOD chart, pair rebounded from the 23.8% Fibonacci Retracement while formed
a long bullish candle stick both of which indicating for bullishness in
USDINR.
Further,
pair would need to trade above 67.45 in order to test 67.75-67.90.
EUR-INR July Future
Sell
around 74.60-74.70 Target 74.30. Stop loss above 74.80.
Euro traded up during afternoon trades Monday on expectations
that European Central Bank president Mario Draghi will keep policy rates
unchanged in a meeting scheduled on Thursday.
EURINR witnessed a gap down open at 74.5525 compare to previous
close of 74.8125 and after hitting a low of 74.225 settled at 74.38.
Intraday price action resulted in formation of hammer
candle stick which is indicating for momentum upside move in EURINR.
Further, pair would need to trade below its previous swing 74.10
low in order to test 73.65 and below.
GBP-INR July Future
Sell
around 88.95-89.00 Target 88.45-88.20. Stop loss above 89.15.
Pound traded up Monday after the Bank of England monetary-policy
committee member Martin Weale reiterated that there is still doubt whether the
central bank should proceed with a rate cut in August.
GBPINR plunged more than 0.85% yesterday and settled at 89.07
levels. Buy above 90.35 was not initiated as per the yesterday strategy as
after witnessing a gap down open at 89.0450 pair remained below 89.30
levels.
The daily price action resulted in formation of doji candle
stick on EOD chart which is indicating for indecisive trend GBPINR. Further,
pair would need to trade above 89.25 in order to test 89.60-90.00
JPY-INR July Future
Sell
around 63.85-63.90 Target 63.45-63.00 Stop loss above 64.15.
Yen traded up Monday as globally risk appetite increased after
the US reported better than expected retail sales data amid waning concerns
over Turkey's failed military coup to overthrow the existing President Recep
Tayyip Erdogan.
JPYINR retraced from the day high 63.8450, and tested 63.45
before closing at 63.73 levels. Intraday price action resulted in formation of
high wave candle stick which is indicating for indecisive trend in days to
come.
Further, immediate resistance is seen at 64.10 and its expected
that any rise towards 63.85-63.95 could attract huge selling activities unless
it give a closing above 64.10.
Major Economic Data
& Events Schedule today
|
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
|
1:30am
|
USD
|
TIC Long-Term Purchases
|
31.6B
|
-79.6B
|
Positive
|
|
2:00pm
|
GBP
|
CPI y/y
|
0.40%
|
0.30%
|
Positive
|
|
GBP
|
PPI Input m/m
|
0.90%
|
2.60%
|
Negative
|
|
|
GBP
|
RPI y/y
|
1.40%
|
1.40%
|
Neutral
|
|
|
GBP
|
Core CPI y/y
|
1.30%
|
1.20%
|
Positive
|
|
|
GBP
|
HPI y/y
|
7.90%
|
8.20%
|
Negative
|
|
|
GBP
|
PPI Output m/m
|
0.10%
|
0.10%
|
Neutral
|
|
|
2:30pm
|
EUR
|
German ZEW Economic Sentiment
|
8.2
|
19.2
|
Negative
|
|
EUR
|
ZEW Economic Sentiment
|
12.3
|
20.2
|
Negative
|
|
|
6:00pm
|
USD
|
Building Permits
|
1.15m
|
1.14M
|
Negative
|
|
USD
|
Housing Starts
|
1.17M
|
1.16M
|
Negative
|
|
