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Dollar nurses losses as investors fret over U.S. tax plans - GEPL

Investment Guru India 2017-11-10 10:48:55




Market Commentary

* The U.S. dollar slipped to a six-day low against a basket of currencies on Thursday.

* The dollar index was nearly flat on the day at 94.483 after skidding 0.36 percent in the previous session, down 0.5 percent for the week.

* The dollar inched 0.1 percent lower to 113.40 yen, down 0.6 percent for the week and well below its eight-month high of 114.737 logged on Monday.

* The euro was up 0.1 percent to 1.1650, 0.4 percent higher for the week and holding well above a 3 1/2-month low of 1.1553 plumbed on Tuesday.

* The Indian rupee opened strong against dollar at 64.9750 against previous close of 65.03. It touched an intraday high of 64.8950. The local unit later closed the session marginally stronger at 64.96. We expect the pair to trade in the range of 64.90-65. 20 for the day.

 

USDINR Spot Technical Outlook

Observations:

* Prices are trading in a range 64.71 and 65.34

* And prices closed above 5(65.0459) and above 3(65.0820) EMA

Inferences:

* Trend is sideways

* If prices break above 65.34 we might see prices 65.62.

 

 

EURINR Spot Technical Outlook

Observations:

• Prices closed below the trading range 75.96 and 78.29

• And prices closed above 5(75.6149) and 3(75.6256)EMA

Inferences:

* Trend is bearish

* If prices sustain below 75.96 we might see prices testing 75.01 levels.

 

 

GBPINR Spot Technical Outlook

Observations:

*  Prices closed below the trading range 85.40-86.18

* And prices closed below 5(85.4498) and 3(85.4172) EMA

Inferences:

* Trend is bearish

* If prices sustain below 85.40 we might see prices testing 84.56 levels.

 

 

JPYINR Spot Technical Outlook

Observations:

* Prices closed above support turn resistance 57.28

* And closed above 5(57.2203) and 3(57.2920) EMA

Inferences:

* Trend is bearish

*  If prices break below 57.28 we might see prices testing 56.50

 

 

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