DAILY CURRENCY OUTLOOK 260711
USD-INR AUG 2011 MCX-SX FUTURE:- Yesterday it opened at 44.6325,made the high of 44.6850 & came down to 44.6275 to mark the low of the day to finally close at 44.6450.Though it has belied our expectation of rally yesterday, we still hold the view that it is very close to the bottom. On the bearish emphasis it may test 44.59-44.60 & on the bullish emphasis it may touch 44.68 & then 44.78.For the day barring unforeseen developments we see 44.59-44.69 as the trading range. Swing trader should go long below 44.61 or on cross above of 44.65 with the appropriate stop for the target of 44.68-44.78.Remember traders discretion & judgment of price behavior during the entry of trade is vital for profitability of trade & this can be done at that moment of time only.
EURO-INR JULY 2011 MCX-SX FUTURE :- Yesterday it moved within 64.1650-63.9175 range & today morning it has opened gap up & made the high of 64.4450.at 63.3475 & made the high of 63.4450. For the first half of day we expect it to consolidate within 64.45-64.30 range & then head for the 64.80 & 65.05. In our view aggressive swing trader should go long on any down move towards the 64.30 with the stop of 64.25 for the target of 64.80 & higher. Once the trade runs in profit trail the stop suitably for exit so that profit is compounded & any higher target can also be taken advantage of it.
GBPINR JULY 2011 MCX FUTURE :- Today we saw it gap up opening at 72.655 & then moved up.For the first part of the day we see it consolidating & then head for the 73.60. In our view traders should go long on any decline toward 72.60 with the stop of 72.50 for the target of 73.60.
USD-JPY:- Today morning it made the low of 77.874 & met our target of 77.85.We expect a corrective rally from this level to 79.20-79.40. In our view traders should go long near 78.00 with the stop of 77.75 for the target of 79.25. Once the trade runs in profit trail the stop suitably for exit so that profit is compounded & any higher target can also be taken advantage of it.
PIVOTPOINT-TABLE
| SCRIPTS | SUPPORT3 | SUPPORT2 | SUPPORT1 | PIVOT PT | RESISTANCE1 | RESISTANCE2 | RESISTANCE3 |
| USDINR | 44.5625 | 44.5950 | 44.6200 | 44.6525 | 44.6775 | 44.7100 | 44.7350 |
| EURUSD | 1.4236 | 1.4281 | 1.4328 | 1.4373 | 1.4420 | 1.4465 | 1.4512 |
| EURINR | 63.6808 | 63.7992 | 63.9283 | 64.0467 | 64.1758 | 64.2942 | 64.4233 |
| GBP | 1.6163 | 1.6213 | 1.6246 | 1.6296 | 1.6329 | 1.6379 | 1.6412 |
| GBPINR | 72.2250 | 72.3800 | 72.4950 | 72.6500 | 72.7650 | 72.9200 | 73.0350 |
| USDJPY | 77.4713 | 77.7507 | 77.9953 | 78.2747 | 78.5193 | 78.7987 | 79.0433 |
| JPYINR | 56.4267 | 56.5583 | 56.7117 | 56.8433 | 56.9967 | 57.1283 | 57.2817 |
| $ INDEX | 73.7810 | 73.9780 | 74.1160 | 74.3130 | 74.4510 | 74.6480 | 74.7860 |
SPECIAL NOTE:- We would earnestly request the readers to read carefully the qualifying conditions for the call to be activated. Without meeting the qualifier conditions call do not get activated & simply cursory look at chart & arrow may lead to erroneous call activation & financial losses.
THIS IS THE PORTRAY OF GENERAL BROADER MARKET VIEW WITHOUT ANY SPECIFIC STRATEGY & SHOULD NOT BE CONSTRUIED AS SPECIFIC CALLS.FOR THE MORE POIGNANT VIEW ON MARKET,WINNING STRATEGY & PIN POINT TIMELY PRICE LEVEL CALLS, CONTACT US TO SUBSCRIBE FOR OUR PREMIUM SERVICES.
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