currency weekly outlook 10 to 14 aug 2015

Usd inr Aug future this week closed with los at 64.05. This week dollar rupee future hit high around 64.41 while low was at 63.95. Total 46 paisa or almost 1% weekly range and closed with loss. On weekly chart, us dollar price trend and momentum both are still bullish. On downside, 63.85 and 63.5 are strong support zones. On upside 64.8 and 65.3 are strong resistances and still remain as target zone for us dollar. Current correction phase might test support and then resume primary trend. Traders must keep buy on correction strategy for us dollar.

Eur inr Aug future this week closed with loss at 70 rupees. This week euro hit high was at 70.8 while low was at 69.5. Total 1.3 rupee week range or 2% volatility in week and closed with loss as rupee rallies and euro remain soft in international forex. Fore next week, euro has support around 68.7 and 67.8 while on upside 70.8 and 71.7 are strong resistances. Euro outlook still bearish and might show lower levels ahead.

Gbp inr Aug future this week closed with loss at 99.38. This week pound rupee future hit high around 100.5 while low was at 99.1. Total 1.4 rupee week range or 1.5% weekly volatility and closed with loss. On weekly chart pound trend is bullish but momentum is weak and pound might test lower averages for support. For next week, gbpinr future has support at 99 and 96.9 while on upside 100.85 and 102 are resistances as well as target zones on reversal.

Jpy inr Aug future this week closed with huge loss at 51.39 and resumed downtrend. After last week’s losses yen extend loss on fresh weakness. On weekly chart yen price trend and momentum both are bearish. On downside 50.8 and then 50.45 are support zones as well as targets if trend persist. On upside 51.8 and 52.25 are strong resistances and stop loss for short trades.

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Pramod Baviskar

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