IMV FOREX UPDATE
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πŸ”” Currency Opening Bell πŸ””

USDINR.... Open on a Positive Note CMP 69.23

Support is 69.00 Resistance is 69.40

Either side break or close with volume will decide further action in it.

Trade with levels only

Cross Currency …Open --- CMP

EURUSD – 1.1306---1.1308

GBPUSD - 1.3095---1.3090

USDJPY – 111.5300---111.5300
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πŸ‘‰ Currency Update:

Major international currencies edged up against Indian Rupee due to expectation of stabilization in economic growth outlook. Market is lifting higher ahead of positive sentiments from upcoming Euro-Zone economic data to be announced on Thursday. China’s Gross domestic product is due to be announced tomorrow, which will give better insight into the growth of the world’s second largest economy.

Technical levels:

USDINR

Support is 69.40 Resistance is 69.80

Break and sustain above 69.80 will take it to 70.20 ---70.60 mark else could touch its support level of 69.40 mark.

Fresh selling can be seen on close below 69.40.

Trade with levels only
Dow Jones... Looks weak below 26390. Stop loss 26550. Target 25000

Is this happen then we will see sharp downside panic in Dollar Index too. Dollar Index has crucial hurdle at 98.00 and here chances are unlikely to breach in near terms unless and until any major news comes out from developed economics.
S&P 500...Sell below 2890. Stop loss 2925. Target 2725

If dollar index slip then we will see support in EURUSD. Immediate hurdle at 1.1370. Three consecutive close + weekly close above 1.1370 will take to 1.1600---1.1800 mark in days to come.

1.1150 remain act as major support in EURUSD. Traders should wait for confirmation. If both levels entered then traders may go for currency pair strategy like sell USDINR and buy EURINR.

More levels and update will provide soon
πŸ”” Currency Opening Bell πŸ””

USDINR.... Open on a Negative Note CMP 69.61

Support is 69.50 Resistance is 69.80

Either side break or close with volume will decide further action in it.

Trade with levels only

Cross Currency …Open --- CMP

EURUSD – 1.1307---1.1307

GBPUSD - 1.3053---1.3055

USDJPY – 111.8900---111.8900
Nifty future... Finally hit 11858

Now what to expect???

Nifty future has support at 11740 and resistance at 11860

Break and close below 11740 will take Nifty to 11640---11575 level.

More and more downside panic will see on a weekly close below 11575 else we will see U-Turn in Nifty future again till 11860 mark.

Three consecutive close + weekly close above 11860 will take to 13556 levels in days to come.

Positional support and stop loss below 11280 on a weekly closing basis.

Trade with levels only... More calls/recommendation will provide only to our subscribers on daily basis

So, don't forget to subscribe our Nifty and Bank Nifty pack... For more details, Call your RM now


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πŸ‘‰ Currency Update:

With the ongoing election season in India, Rupee seems very sensitive to the minutest news in the market. As per the history of election years, Rupee weakens once the election season is over. Indian market is seeing a heavy foreign fund inflow which is restricting a fall in Rupee. In the previous week, USDINR has traded range-bound which is due to the uncertainties regarding the election results and mixed sentiments in market. The Foreign Institutional Investors reportedly, put more than 40,000 Crores in Indian Market in the first quarter, which is a supportive factor for the domestic currency.

πŸ‘‰ On the Technical Front,

USDINR has its major support at 69.40 and resistance is seen at 70.00.

It is expected to hover in this range for the coming week as well.

Break and sustain above 70.00 will see a fresh rally towards 71.50---71.80 levels.

Fresh selling can be done only on a close below 69.40.

Trade with levels only.
πŸ”” Currency Opening Bell πŸ””

USDINR.... Open on a Flat note CMP 69.68

Support is 69.50 Resistance is 69.80

Either side break or close with volume will decide further action in it.

Trade with levels only

Cross Currency …Open --- CMP

EURUSD – 1.1265---1.1265

GBPUSD - 1.3003---1.3003

USDJPY – 111.8600---111.8100
πŸ’² Currency Update: πŸ’²

On the Daily chart, GBPINR has formed a strong support of 90.40... we can expect a reversal from current levels!!!

Major support is 90.40 and resistance is seen at 91.00.

Break and sustain above 91.00 will see a sharp upside move till 91.60---92.10 levels or else it can touch down its support level of 90.40 again.

Fresh selling can be done only on close below 90.40.

Trade with levels only.
πŸ”” Currency Opening Bell πŸ””

USDINR.... Open on a Positive note CMP 69.86

Support is 69.50 Resistance is 70.00

Either side break or close with volume will decide further action in it.

Trade with levels only

Cross Currency …Open --- CMP

EURUSD – 1.1265---1.1224

GBPUSD - 1.2940---1.2940

USDJPY – 111.5800---111.7100