Wednesday, 3 September 2014

Currency Outlook : USDINR, EURINR, GBPINR, and JPYINR
















USDINR



USDINR traded below near term resistance of 61.15 levels for seventh consecutive session and closed at 61.04 levels. A positive cross over in between RSI 14 and its 9 period SMA is signaling for short term pullback in days to come.



EURINR



A break above 61.15 levels could result in test of 61.35 levels and above it 61.48 levels, else pair may take short term correction till 60.82-60.68 levels.




GBPINR


GBPINR closed below the short term MA and formed a high wave candle stick on EOD chart. Today, momentum may show high volatility in GBPINR following to the above technical aspects while during the mid day U.K.  Services PMI will decide further short term trend.


As per the yesterday sell call those who have still holding can book 80% profit).

 Now will expect to test 100.20-100.05 next downside level.



JPYINR




JPYINR was the star performer against the three other currencies and as per the sell strategy given since 1st September was successful, with pair dropped towards 58.06 low. Today, bearish move is expected to continue below the important hurdle of 57.98 levels. Weakness in the Yen against the dollar which is trading at $104.906 levels may contribute intraday selling pressure in JPYINR too. 

Hence sell below 57.97 is recommended for target of 57.70-57.55 and stop loss of 58.20.

China purchasing managers' index (PMI) for the industry rising to 54.4 from a six-month low of 54.2 in July, a government survey showed on Wednesday.



























More will update soon...

Thought for the day








Tuesday, 2 September 2014

Daily Gold, Silver, Crude oil, Copper and Soybean/Oil Update





Gold extended fall in afternoon trades Monday as better than

 expected United States economic growth triggered fear of an 

earlier than expected rate hike by Federal Reserves pushing the 

dollar to near a year's high against other currencies


Today, Gold has support at 27880---27760 and resistance 28050 

while silver has support at 42800---42500 and resistance at 

43300---43700. Traders can trade in a range with strict stop loss 

and wait for conformation.



 



Crude oil prices dipped in early Asia on Monday with events in 
Ukraine the focus of possible new sanctions and China
 manufacturing data ahead and with markets in the U.S. and 
Canada closed for the Labor Day holiday. On the New York
 Mercantile Exchange, Crude Oil for delivery in October traded 
at $95.76 a barrel, down 0.21%, after last week ending at $95.82 a 
barrel. NYMEX oil futures rose 2.58% last week, but ended 
August with losses of 2.11%.
Today, Crude oil has support at 5770 and resistance at 5840. 
Crude oil unable to breach the support level of 5640 and bounced
 back to 5838 mark. Close above 5840 will see further upside rally 
till 5890---5930 mark in days to come else it could test its support
 level of 5800---5770 again. Close below 5770 will take to 5730--
-5680 and then to 5640 mark in days to come. Traders can trade 
with levels only.


Copper dropped to one-week low on Monday on weak 

manufacturing data of China triggering demand concerns from 

the world's biggest consumer of copper.  Official data showed 

China manufacturing eased to 51.1 in August lower than 

estimates of 51.2 and 51.7 in July.

  China industrial activity eased to 50.2 in August compared to 

51.7 in July, a ready by HSBC Markit showed.

  China is the world's largest consumer of copper accounting for 

about 40% of total global demand and major consumer of other

 industrial metals.

Copper has support at 424 and resistance at 433. Traders can

 trade in a range with strict stop loss and wait for conformation. 


Soybean slumped to one-year low at the close of trading Monday 

on improved sowing and subdued demand for soymeal from oil 

crusher in Madhya Pradesh, a major bean producing state.   Total

 India soybean sowing stood at 11.03 million hectares till Aug 29

 compared to 10.9 million hectares a week earlier, government

 data showed.  Demand for Indian soymeal is weak as US, Brazil,

 and Argentina are offering the meal at much cheaper rates. 


Today, Soyabean has support at 3210 and resistance at 3370--

-3430 and Soya ref has support at 598 and resistance at 610 --

-616 Traders can trade in a range with strict stop loss and wait for 
conformation.















More will Update soon...

Daily Currency Outlook - USDINR resistance 61.15 and support 60.80



USDINR

USDINR traded below near term resistance of 61.15 and settled at 60.8775. A bearish harami cross candle stick formation on EOD chart is indicating for continuation of recent bearish trend.
A break above 61.15 could result in test 61.35 levels and above it 61.48 levels, else pair may take short term correction till 60.80.
Recommendation: Sell 61.00-60.99 target 60.82-60.68 stop loss 61.15.


EURINR

A trend reversal candle stick formation on EOD chart is indicating for short term pullback in EURINR but negative aspect into the EURUSD could pressurize the EURINR. Hence, sell below 79.75 is recommended for target 79.60-79.40 sl 79.88 levels.
Risky traders buy on dips till 79.85-79.88 with strict stop loss 79.76 for target 80.00-80.30.


GBPINR

GBPINR settled almost flat with small gain of 0.03%. Today, GBPINR will expect to test 101.35-101.50 its immediate resistance following to the short term pullback into GBPUSD.


JPYINR


A hammer candle stick formation was resulted more than 0.40% correction JPYINR as expected on Monday. Today recent negative aspects will expect to continue till 58.20-58.00 following to the weakness Yen against the dollar which is trading at $101.284 levels. Hence sell on rise 58.45-58.51 is recommended for target of 58.25 stop loss 58.70.






More Will Update Soon... 


Thought for the day







Monday, 1 September 2014

Update on Agri Commodity









Soyabean




Panic continueeee and made a low of 3275. We recommended fresh selling below 3430 mark for the downside target of 3330---3270 and then to 3200 mark

Now what to expect???

Close below 3270 will see further panic till 3230---3200 mark in days to come

Traders holding short in Soyabean can revise stop loss above 3370 mark. Others can trade with levels only




Soyaref




Made a high of 626.80 and crashed vertically to 606

Now what to expect???

Support at 605 and Resistance at 612

Two consecutive closes below 605 will take to 600---597 and then to 593 mark in days to come

Fresh buying can initiate only close above 612 mark

Trade with levels only as upper side seems limited. Anything seems will update via SMS




Castorseed




Told to sell Castorseed below 4120 and add more lot around 4180 with stop loss of 4220. Both level initiate and crashed vertically to 4063 mark

Now what to expect???

Two consecutive closes below 4120 will take to 4030---3970 mark in days to come

Traders holding short in Castorseed can book part profit and on rise will sell it with same stop loss

Any reversal seems will update via SMS




Sugar



Support at 2970 and Resistance at 3070

Overall trend looks weak and on rise will sell with stop loss above 3070 on closing basis for the initial target of 2970. Weekly close below 2970 will take to ???

Trade with levels only... Any reversal seems will update via SMS




















































More will update soon...

Update on Bullion, Base Metal and Energy









Today, US banks will remain close in observance of Labor Day. 

So will expect range bound trading in metal and energy.


 Rest markets are open. So trade safely with levels only













Have a look on it!!







Gold



Support at 27880---27760 and Resistance at 28050---28200

Decisive break and sustain below 27880 will take to 27830---27760 mark

Two consecutive closes below 27760 will take to 27500---27350 mark in days to come else it could test its resistance level of 28050---28200 again

Two consecutive closes above 28200 will take to 28500---28650 and then to ???

Look Choppy and has no clear direction... So traders can trade in a range with levels only



Silver



Support at 42800---42500 and Resistance at 43300---43800

Fresh selling can initiate only close below 42500 mark else it could test its resistance level of 43300---43800 again

Further upside rally seen only close above 43800 mark

Traders can trade with levels only and wait for conformation. Anything seems will update via SMS



Copper



Support at 427----423 and Resistance at 435---439

Will expect range bound trading in this week... So traders can trade in a range with strict stop loss and wait for conformation

Anything seems will update via SMS



Lead



Support at 134.50 and Resistance at 137.50

Two consecutive closes below 134.50 will take to 132.50---131.00 mark in days to come

Fresh buying can initiate only close above 137.50 mark

Looks choppy and has no clear direction



Zinc



Support at 141.00 and Resistance at 144.00

If Zinc unable to breach its resistance level of 144.00 then will see panic till 141.00 mark.

Two consecutive closes below 141.00 will take to 138.00---136.50 mark in days to come

Fresh buying can initiate only close above 144.00 mark

Traders can trade in a range with levels only and wait for conformation



Crude oil



Not able to breach the support level of 5640 and spurts to 5838 mark

Now what to expect???

Support at 5770 and Resistance at 5840

Close above 5840 will take to 5890---5930 mark else it could test its support level of 5770 again

Close below 5770 will take to 5730---5690 and then to 5640 mark in days to come

Traders can trade in a range with levels only and wait for conformation. Anything seems will update via SMS













































More will update soon...