WEEKLY CURRENCY REPORTS (30-08-10)
EURO-INR:- EUROINR has fallen from 61.5123 to 58.4737 in five waves & it correcting this decline within the range of 58.50-60.20. For the coming week we expect it to decline to 59.75 & then rise to 60.00.We suggest buying Sept future MCX at 59.90 with the stop of 59.95 for the target of 59.60.
GBP-INR:- It has resistance at 74.00 & support at 71.60.However our bias is positive & will trade on long side.
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JPY-INR:- It has made the high of the 56.069 & declined sharply. We do not see it crossing the 56.00 in immediate future & see it declining to 53.00-52.00 range.
EURO-USD:- From 1.3334 to 1.2584 it has completed the five wave pattern on downside. From the Fibonacci retracement point of view it should ideally bounce back to 1.2872- 1.2960 range. From the wave point considerations it should bounce back to 1.2777-1.2902 range. Therefore we are of the view that current bounce back should ideally be terminating in the 1.2872-1.2902 range.
GBP-USD:- Last week it made the low of 1.5368 & high of 1.5597 against our expectation of 1.5400 & 1.5650 respectively. We see it declining again towards the 1.5368 to form the higher bottom & then rise back towards the 1.5700 level.
USD-JPY:- USDJPY has just broken out of the FALLING WEDGE formation. We expect that in next 5 to 8 days it should touch the 88.00.On the weekly chart it has formed the inverted hammer. It is a reliable reversal patterns & corroborates our view of FALLING WEDGE.
DOLLAR-INDEX:- It has strong support at 82.50.We are expecting it to initially decline once below 82.66 to end the corrective pattern & the it will shoot up vertically to 86.00.
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Categories: WEEKLY MCX-SX CURRENCY REPORTS
Tags: WEEKLY CURRENCY REPORTS
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