USD-INR August FutureSell around 67.15-67.20 Target 66.90-66.75. Stop loss above 67.35.
Dollar/rupee ended down Monday for the fifth consecutive session to hit a seven-week low Monday tracking weakness in the greenback post dismal US quarter-two Gross Domestic Product (GDP) amid overseas funds inflow into local debt market.
Technical, USDINR continued its recent bearish trend on Monday and after hitting a low of 66.9725 settled at 67.0475. For the short term perspective USDINR is expect to remain bearish following to three black crows candle stick pattern on EOD chart, while recent break down is looking like bearish Flag pattern which also indicating for bearishness in the pair.
On the other hand, near term resistance is seen at 67.35, sustain trade above will expect to show recovery towards 67.50-67.65
EUR-INR August Future
Sell around 74.85-74.95 Target 74.65-74.45. Stop loss above 75.10
Above 74.15 will expect to test 74.35-74.55.
Euro traded down on profit-booking following sharp gains in the currency pair by over 2% in the past three days.
Sell strategy given on rise around 74.85 was initiated, however pair yet to test predicted level of 74.60 due to sluggish movement. On EOD chart pair trading below the 38.2% Fibonacci Retracement of its previous fall and formed a inverted hammer candle stick pattern which creating probability for correction in days to come.
On the other hand, massive resistance is seen at 75.10 and sustain trade above only will expect to test 75.55-75.80.
GBP-INR August Future
Sell below 88.40 Target 88.15-88.00. Stop loss above 88.55.
Pound fell Monday after the UK purchasing manufacturing index downgraded for the month of July. The currency pair traded down after the UK manufacturing activity deteriorated at a sharper rate in the month of July compared to the reading in June.
short term pennant pattern breakdown was noted on EOD chart which is indicating for decent fall may take place in GBPINR, and break below 88.40 is expect to test 88.00-87.50 very soon. Further, massive resistance is seen at 89.10 and pair would need to trade above this level in order to test 89.65-90.00
JPY-INR August FutureBuy above 65.60 Target 65.85-66.00.Stop loss below 65.45.
The currency pair traded down after the UK manufacturing activity deteriorated at a sharper rate in the month of July compared to the reading in June.
JPYINR continued its bullish trend and settled with a gain of 0.59% at 65.51. A long bullish candle stick formation on EOD chart is indicating for bullishness in the pair. Massive resistance is seen at 65.60 and breaks above expect to test 66.00-66.30, else any dip towards 65.20-65.00 could give short term buy opportunity.
Major Economic Data & Events Schedule today
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
5:20am
|
JPY
|
Monetary Base y/y
|
24.30%
|
25.40%
|
Negative
|
9:15am
|
JPY
|
10-y Bond Auction
|
-
|
-0.24|3.6
|
-
|
10:30am
|
JPY
|
Consumer Confidence
|
42.2
|
41.8
|
Positive
|
12:30pm
|
EUR
|
Spanish Unemployment Change
|
-70.0K
|
-124.3K
|
Neutral
|
2:00pm
|
GBP
|
Construction PMI
|
44.2
|
46
|
Negative
|
2:30pm
|
EUR
|
PPI m/m
|
0.40%
|
0.60%
|
Negative
|
6:00pm
|
USD
|
Core PCE Price Index m/m
|
0.10%
|
0.20%
|
Negative
|
USD
|
Personal Spending m/m
|
0.30%
|
0.40%
|
Negative
| |
USD
|
Personal Income m/m
|
0.30%
|
0.20%
|
Positive
| |
All Day
|
USD
|
Total Vehicle Sales
|
17.1M
|
16.7M
|
Positive
|
