Forex Report for Exporters & Importers: 12th March 2019
Tuesday, March 12, 2019
TIME: 9:05 am IST
FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
UK prime minister May has struck a new revised deal term on Brexit. Pound rose. If the deal is passed by the UK parliament, then cable will rise to 1.4000 over the coming months. Most of the bad news on Brexit has been factored in by the markets. Euro will be volatile. Yen can be testing key support.
Focus will be on elections and nothing else. I am focusing on the poll promises made by the congress and oppositions and its impact if they come to power. All poll promises irrespective of political parties will add extra burden on the exchequer. Directly or indirectly they will be recovered mostly from the middle class in India. Global investors will continue to invest in India as it is still one of the fastest growing nations. Buy stop losses will be triggered, put options will be triggered if rupee falls below 69.00 against the US dollar anytime in March.
Japanese Yen/Indian Rupee (Jpy/inr CMP 62.5900):
One Support: 62.1800
One Resistance: 63.0300
- 100% retracement is at 62.1800.
- There can be pull back rallies to 63.0300 and 63.6000 as long as yen/inr trades over 62.1800.
- Crash will be there only below 62.1800 to 60.6700.
UK Pound/US dollar (gbp/usd CMP 1.3216):
One Support: 1.3153
One Resistance: 1.3300
- Cable can rise to 1.3300 and 1.3467 in the short term as long as it trades over 1.3111.
- Quick rise will be there if cable trades over 1.3260.
US dollar/Japanese Yen (usd/jpy CMP 111.36):
One Support: 110.96-111.21
One Resistance: 111.89
- 100 day moving average is at 110.96.
- 200 day moving average is at 111.52.
- Yen needs to trade over 110.96-111.52 zone to rise to 113 and 114.40.
- Crash will be there only below 110.96.
US dollar/Indonesia Rupiah (usd/idr CMP 14240.00):
One Support: 14158.30
One Resistance: 14330.40
- Crash will be there below 14158.30.
- Key resistance is at 14330. (100 day MA).
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currency, 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
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NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
Indian Standard Time (IST): +5:30 GMT
Current Market Price (CMP)
All foreign exchange prices are for inter-bank rates.