WEEKLY CURRENCY OUTLOOK (17/05/2010)
USD-INR:- Last week's trading range was 44.68-45.55 against our expected range of the 44.85-45.80.We would reiterate that at 44.06 on 15 th April 2010, a major intermediate term bottom has been formed & it 's intermediate term trend is likely to be bullish. For the coming week we expect a new top above 45.85 to form during the initial part of the week & then it will consolidate in 45.90-44.68 range for the rest of the week.
EURO-INR:- In our opinion it is in the severe downtrend which is very close to termination. Usually such phases are really wash out & generate huge & wild price swings, first in the direction of the trend & then on reversal opposite side. We expect 54.20-53.80 to scratch in this slide but 53.70 will not be breached.
GBP-INR:- It is in the strong bottoming out process & awaiting external environment to support it's rise. We see a bounce to 68.55-68.85 range.
JPY-INR:- We see it heading for the 47.00 in a systematic downward spiral.
EURO-USD:- Euro has made high of 130.94 & low of 123.54 whereas our targets were 130.40 on upside & downside we expected a low below 125.20.Euro has not bottomed out yet & may scratch few more bottoms as it unfolds the extension on the downside. For the coming week we see a initially slide to 1.20 level & bouncing back to 1.235 level & then final decline to 1.1720 or below but not below 116.40(Nov,2005 low).
GBP-USD:- Last week it made the high of the 150.53 & our target range was 150.10-151.00.In our view it should bounce back to 150 level again & then commence further decline.
USD-JPY:- We are looking for the laboured rise to 93 & then declining for the 91.00.
DOLLAR-INDEX:- It is replicating the mirror image of EURO & in accordance with that it may hit 89.00 in blow off fashion & will retrace in quicker pace .
EURO-INR:- In our opinion it is in the severe downtrend which is very close to termination. Usually such phases are really wash out & generate huge & wild price swings, first in the direction of the trend & then on reversal opposite side. We expect 54.20-53.80 to scratch in this slide but 53.70 will not be breached.
GBP-INR:- It is in the strong bottoming out process & awaiting external environment to support it's rise. We see a bounce to 68.55-68.85 range.
JPY-INR:- We see it heading for the 47.00 in a systematic downward spiral.
EURO-USD:- Euro has made high of 130.94 & low of 123.54 whereas our targets were 130.40 on upside & downside we expected a low below 125.20.Euro has not bottomed out yet & may scratch few more bottoms as it unfolds the extension on the downside. For the coming week we see a initially slide to 1.20 level & bouncing back to 1.235 level & then final decline to 1.1720 or below but not below 116.40(Nov,2005 low).
GBP-USD:- Last week it made the high of the 150.53 & our target range was 150.10-151.00.In our view it should bounce back to 150 level again & then commence further decline.
USD-JPY:- We are looking for the laboured rise to 93 & then declining for the 91.00.
DOLLAR-INDEX:- It is replicating the mirror image of EURO & in accordance with that it may hit 89.00 in blow off fashion & will retrace in quicker pace .
Posted by JKD VIEWPOINT at 5/17/2010 
Categories: WEEKLY MCX-SX CURRENCY REPORTS
Tags: WEEKLY CURRENCY REPORTS
Categories: WEEKLY MCX-SX CURRENCY REPORTS
Tags: WEEKLY CURRENCY REPORTS
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