This week could witness a continuation of the consolidation phase. The pull back is met with selling pressure. The current Exchange rate of THB currency against INR is at 2.4016. With this theme in mind the outward remittances may be hedged at the current levels or on any decline towards 21.20. We may have to watch for breach on either side for a new 30 pips range. For now, the pair is expected to consolidate between 21.20 and 22.75. The pair had a correction towards 22.33 which is a crucial support. The current exchange rate of AEDINR is 22.37. it is desirable to hedge inward remittances on any spike to 103 or higher levels if seen.Īny close outside the range of 99.10 & 103.10 might see the pair by at least 100 pips in the direction of breach and there would be a need for re-assessment of risk. It may be prudent to liquidate/hedge outward remittances on any slide towards 99.20 levels by buying GBP currency against INR. Likely range would be 99.10-103.10 with choppy moves on either side. The pair is expected to break this barrier and head north. The currency pair is facing strong resistance at 102.10 levels. Current exchange rate of GBPINR is 101.32. It made an attempt towards 102 for the second time closed at 101.32. The GBPINR foreign currency pair broke the downward sloping trend channel after nearly 14 weeks. From a remittance perspective it would be prudent to book any outward remittances on slide towards 87.80 levels and the inward remittances by selling EUR currency against INR around 90.20 or higher if seen. It is prudent to look for key levels to hedge the risk. Any breach of the range would lead to 100 pips move. Likely to undergo consolidation phase between 87.80 & 90.20. However, further gains were muted and the pair made an inside candle. After the break of crucial resistance at 87.80 during the earlier week, the currency pair managed to hold on to the gains well supported at 88.50 zone. EUR/INRĬurrent EURINR exchange rate is 89.13. Current exchange rate of USD/INR is 82.16. With this back drop it would be preferable to hedge the outward remittances on decline towards 81.70 or lower if seen. The increased volatility and wild swings likely to continue If breached, we may see another spike towards 85.70. The 82.75-83.25(with error adjustments) zone is the Fib projection of July 2011 to July 2013. As noted in the previous blog, continue to keep the following input for quick reference.The raising upward channel indicate the broader range of 77.10-83.30.Dollar Index-DXY is likely to continue the familiar range of 101-105.The currency corrected after making multiple attempts to break 83.A close outside this range requires re-assessment of risk/direction and target. There could be choppy moves within this range. There is not much change in the earlier observations of the likely scenario which would be a consolidation between 81.70 and 83.10. The currency shows extraordinary resilience and refusing to move below 82. We need to see a daily close below 81.70 for further lower levels. The Monthly candle still shows a bearish candle. All Rights Reserved.Past week saw a narrow range of 82.04-82.48. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Factset: FactSet Research Systems Inc.2019. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes.
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