Weekly Forex Tips
WEEKLY FOREX MARKET TECHNICAL REPORT 11 JAN 15 JAN 2016
Indian Rupee gave a disappointing start of the first week of the year against dollar as it tumbled to drop towards three week lows and finally settled the week on negative note. There were some major factors responsible for Rupee depreciation as Global markets were hit by China spark as their markets halted for two times in this week facing circuit limits and Yuan devaluation by China’s central bank further hit not only Indian markets but global markets as well. Meanwhile, Crude prices also extended losses and reached 11 year lows. In coming week, Indian CPI, IIP & WPI are some key economic indicators to affect rupee volatility.
Domestic Forex Markets Updates :
- Rupee tested three week last week low against dollar.
- Yen rally fizzles as China moves to stop market turmoil.
- Yuan hits weakest since Feb 2011 on fresh low midpoint.
- UK Construction sector performance rebounds in December.
USDINR last week climbed continuously for four days and crossed its three week highs closing the week on positive note. Now, if it sustains above 67.0000 then 67.3000 may act as immediate resistance while on lower side, 66.5000 is seen as near support and any closing below it can result in weakening of trend.
EURINR last week moved in to-and-fro manner where it tested the major support on daily charts from where it jumped to close the week on positive note. If it surpasses 73.2000 then it may move higher towards 73.7000 and on lower side 71.7750 is still seen as major support closing below which can drag it down.
- UK Manufacturing sector slows further at end of 2015.
- Euro area unemployment rate at 10.5%.
- Unemployment Insurance Weekly Claims was 277,000, a decrease of 10,000 from the previous week.