Currency Trading Technical Report 04 April
MARKET OVERVIEW
Dollar gained 0.56 percent & closed at Rs. 60.5175 in futures. The spot rate is currently at 60.17.
FIIs
bought securities worth net Rs. 592.78 crores in the cash &
derivatives segment of the Indian equity markets on Thursday.
Dollar Index is currently trading at 80.4860 up 0.01 percent from the previous close.
The
HSBC Services Purchasing Managers’ Index (PMI), of India fell to a
three-month low of 47.5 in March from 48.8 in February, chalking up its
ninth straight month below the 50-mark.
The
U.S. trade deficit unexpectedly widened in February as exports hit a
five-month low. Deficit on the trade balance increased 7.7 percent to
$42.3 billion, the largest since September last year. The
inflation-adjusted gap widened to $50.1 billion from $48.5 billion in
January.
Initial
claims for state unemployment benefits in US increased 16,000 to a
seasonally adjusted 326,000 more than expected by the economists.
US
ISM non-manufacturing purchasing managers’ index rose to 53.1 last
month from a reading of 51.6 in February. Analysts had expected the
index to increase to 53.5 in March.
OUTLOOK FOR TODAY: USD INR
We
expect the rupee to trade on a mixed note against the dollar taking
cues from weakness in the world markets & expected corrections in
the domestic markets. Strength in the dollar index yet less than
positive economic data from US will affect the movement of the
dollar-rupee today.
Technical Outlook:
As
seen on the daily chart, USDINR has bounced upwards sharply after a
hammer candlestick pattern from a trend line support. It is likely that
the counter will head upwards where, 60.80 is an significant resistance.
On the downside, 59.90 is a crucial support. Momentum indicators are
currently positively biased for the counter.
CURRENCY TRACKER: 4th April 2014
USDINR April
Support: 59.9400/60.3200
Resistance: 60.8000/61.1400
EURINR April
Support: 82.4000/82.9100
Resistance: 83.5000/83.9500
GBPINR April
Support: 99.6800/100.0300
JPYINR April
Support: 57.7500/58.0000
Resistance: 58.5200/59.1000
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