Insignia Consultants
New Delhi
Monday, September 24, 2012
TIME: 08:55 am IST
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NSE CURRNCY FUTURES/MCX-SX CURRENCY FUTURES TECHNICAL REPORT
(All prices are in Indian rupees below in this report)
Commentary
Quarter end demand should prevent big gains for the rupee today against the major currencies. Stock markets will be the key today and any weakness in stock markets will adversely affect rupee, although temporarily. On the political front there have not been any major developments over the weekend. Political news (if any) will be the key. Trade in technical and ignore the rest.
Trading strategy For the very large traders and high risk traders
USD/INR SEPTEMBER: Sell only if usd/inr trades below 53.1300 for 53.0200-52.8700
EURO/INR SEPTEMBER: Sell only if eur/inr trades below over 70.1500 for 69.3100-68.8600
GBP/INR SEPTEMBER: Sell only if gbp/inr trades below 87.6800 for 87.1500-86.4800
JPY/INR SEPTEMBER: Sell jpy/inr only if trades below 69.3800 for 69.1525-68.5600
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) SEPTEMBER – (CURRENT PRICE 54.3375)
Bullish over 53.6600 with 54.0200-54.4300 as price target
Bearish below 53.4800 with 53.1300 and 52.8600 as price target
Neutral Zone: 53.4800-53.6600
BREAK POINT: - 53.1300-53.7600
· 53.1325 is the key long term support and there will be a technical break down only below 53.1325
· On the higher side as long as 53.7600 is not broken upside will be limited
EURO-INDIA RUPEE (EUR/INR) SEPTEMBER – (CURRENT PRICE 70.3450)
Bullish over 70.6200 with 70.9800-71.1550 as price target
Bearish below 70.4150 with 70.1500-69.6750 as price target
Neutral Zone: 70.4150-70.6200
BREAK POINT: 70.1500
- 70.1500 is the key short term support and there will be a technical break down below 70.1500 all the way to 69.7600-69.2300
- On the higher side only a break 71.1500 this week as result in further gains. As long as cable trades below 71.1500 the short term trend is bearish.
UK POUND -INDIA RUPEE (GBP/INR) SEPTEMBER – (CURRENT PRICE 87.9475)
Bullish over 88.1225 with 88.3675 and 88.7500 as price target
Bearish below 87.6925 with 87.2750-86.6800 as price target
Neutral Zone: 87.6925-88.1225
BREAK POINT: 88.1200
· Pound/Inr needs to trade over 88.1200 for 88.3675-88.7500
· Another wave of selling will be there only below 87.82 to 87.4550-86.7275
JAPANESE YEEN -INDIA RUPEE (JPY/INR) SEPTEMBER – (CURRENT PRICE 69.4375)
Bullish over 69.3700 with 69.6325 and 70.1225 as price target
Bearish below 69.1975 with 68.7325 and 68.2950 as price target
Neutral Zone: 69.1975-69.3700
BREAK POINT: - 69.1975
- Overall bearish below 70.1200. Key long term support is at 68.6325 and as yen/inr trades over 68.6325 upside risk will be limited.
Happy profitable trading & Trade without emotions
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Website www.insigniaconsultants.in
Disclosure: The directors and employess do not have any open positions. Our clients do trade on the above report.
"Print this report only if absolutely necessary. Save Paper. Save Trees."
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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