WEEKLY CURRENCY REPORT(02-08-10)
EURO-INR:- Euro-Inr is forming the upward correcting FLAT formation. Within this flat formation it is forming the very strong C wave. It has formed the high of 61.32 against our expected range of 61.25-61.64.We are expecting a small tick above 61.32 to terminate the flat correction & commence the downward impulse wave.
GBP-INR:- It has completed a five wave pattern at 73.25.We are looking for correction to set in for the 71.20 during the coming week & later depending on the characteristics of the decline it may or may not correct to 69.60 during next to next week. JPY-INR:- It has completed a double zigzag correction on the upside & started declining. For the coming week we see it coming down to 52.20-52.00 range to find the support. EURO-USD:- Euro is forming the upward zigzag correction. It made the high of 1.3107 against our expected range of 1.3115-1.3240.In our view it will still pierce the lower level of the range nominally during the initial part of the week. It is expected that it will decline sharply from there to indicate the termination of the zigzag & commencement of the new impulse wave on downside. GBP-USD:- It has completed the five wave pattern on the upside. We are looking for the correction to set in towards the 1.51-1.52. USD-JPY:- In our view it has either completed or about to complete in & around 85.95 the five wave decline from the 92.88.We are looking for setting in of swift bounce to 89.00 levels in coming weeks. DOLLAR-INDEX:- It is declining within the channel & we see it finding the support only at 80.20. 
Categories: WEEKLY MCX-SX CURRENCY REPORTS
Tags: WEEKLY CURRENCY REPORTS
Comments