7th February: Mid Day Forex Update
Wednesday, February 07, 2018
TIME: 3:49 pm IST
MID DAY FOREX UPDATE
There is major US economic data release. It will be a technical trade. Direction of the US dollar and US stock markets will be the key.
Euro/usd: Support: 1.2270-1.2314. Resistance: 1.2429-1.2500. Euro/usd moves into a short term bearish trend on a fall below 1.2270 with 1.2134 and 1.2045 as price target. There can be pullback rallies as long as euro/usd does not fall below 1.2270. Trend is down.
Gbp/usd: Support: 1.3815-1.3869 Resistance: 1.3964-1.3999. Sterling can fall to 1.3869 and 1.3815 as long as it trades below 1.3999. (a) Only a break of 1.3999 will resume the intraday bullish zone (b) There can be a quick crash if gbp/usd trades below 1.3869 in US session.
Usd/jpy: Support: 108.89-108.56 Resistance: 109.44. Yen can fall to 108.10 and 107.61 as long as it trades below 109.44. Rise will be there only over 109.44.
Usd/idr: Support: 13505.50-13531.50 Resistance: 13558.50-13591.10. Rupiah needs to trade over 13558.50 for the rest of the day to rise to 13617.50 and 16636.50. There will be sell off if Rupiah trades below 13558.50 either today or tomorrow. Be prepared for 70-80 one way either side move anytime.
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