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You are here : IndiaNotes >> Market Action >> Currency

USDINR: Sell below 67.50 with stop loss of 67.85

SMC | 13 Dec, 2016  | Follow Author | Add to my Favourites 
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Market Stance


Indian rupee remained highly volatile last week but managed to end with sharp gains as against the dollar and tested three week high on the back of sustained selling of the U.S currency by exporters and banks amid a pointed rally in domestic equity market accompanied by foreign fund inflows. However, in a surprise move Reserve Bank of India (RBI) kept policy rate unchanged at 6.25% which market was expecting to cut by at least 25 basis points (bps). Expectations of a rate cut rose last week after India reported lower-than-expected economic growth of 7.3% for the three months to September. Moreover, slight weakness in the dollar against other currencies overseas also supported the rupee. Overseas dollar has witnessed some profit booking at higher levels as investors remained cautious before European Central Bank's policy meeting and the highly-anticipated Federal Reserve policy decision due in coming week.


Technical Recommendation


USD/INR


USD/INR (DEC) contract closed at 67.44 on 08thDecember'16. The contract made its high of 68.39 on 06thDecember'16 and a low of 67.42 on 08th December'16 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 68.09.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 41.21. One can sell below 67.50 for the target of 66.80 with the stop loss of 67.85.


GBP/INR


GBP/INR (DEC) contract closed at 85.58 on 08st December'16. The contract made its high of 87.00 on 05th December'16 and a low of 85.27 on 08th December'16 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 85.59.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 53.69. One can sell below 85.00 for a target of 83.60 with the stop loss of 85.75.


EUR/INR

 

EUR/INR (DEC) contract closed at 72.80 on 08th December'16. The contract made its high of on 06thDecember'16 and a low of 72.03 on 05thDecember'16 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 72.96.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 45.01. One can sell around 72.00 for a target of 71.00 with the stop loss of 72.50.


JPY/INR


JPY/NR (DEC) contract closed at 59.54 on 08th December'16. The contract made its high of 60.80 on 06thDecember'16 and a low of 59.46 on 08th December'16 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 60.64.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 27.35. One can sell around 59.45 for a target of 58.45 with the stop loss of 60.00.


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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.



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