4th April: Daily Forex Report
Wednesday, April 04, 2018
TIME: 9:28am IST
DAILY FOREX REPORT
So far traders and markets have not reacted to Trump’s Chinese tariffs as the US dollar has gained. Direction of the US dollar against the pound and yen after the release of US March private ADP employment numbers will be the key. Only Trump’s trade spat is the reason for US dollar fall, rest of the reasons are all bullish for the greenback.
Euro/usd (CMP 1.2281): Support: 1.2224-1.2246 Resistance: 1.2337-1.2381-1.2417 Euro/usd needs to trade over 1.2224 till tomorrow to rise to 1.2417 and 1.2513. Crash/bearish trend will be there only a fall below 1.2224 in USA session. I am against going long at current prices. Those who are short use a trailing stop loss of 1.2513 and forget.
Gbp/usd(CMP 1.4089): Support: 1.4007-1.4043-1.4079 Resistance: 1.4128-1.4184. Key resistance is at 1.4128. There will be a technical breakout over 1.4128 to 1.4184 and 1.4251. Sellers will be there below 1.4069. Crash till Friday will be there only below 1.4007.
Usd/jpy (CMP 106.51): Support: 106.27 Resistance: 106.79-107.19. There is a technical congestion between 106.79-107.47 zone. (a) It will not be easy to break past 106.79-107.47 zone. (b) Crash will be there if yen falls below 106.27 and/or yen does not break 107.47 by Monday. Better to remain on the sidelines.
Usd/idr (CMP 13752.00): Support: 13729-13742.50 Resistance: 13765.80. Range trade can continue till the USA session. Caution is needed by Rupiah traders. Sellers will be there below 13742.50.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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.
PLEASE USE A STOP LOSS OF MINIMUM RS.5000-RS.8000 PER LOT ON ALL INTRA DAY TRADES
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORT
Indian Standard Time (IST): +5:30 GMT