pre market forex analysis and trading strategy for 07/03/2015
Usd inr July future closed at 63.8 with loss. Here correction continues for dollar as Indian equity market seeing inflows. For tomorrow 64.05 is strong intraday resistance and with stop loss above it keep short view for intraday. On downside 63.6 is first target. Daily closing above 64.05 means buy signal for us dollar.
Eur inr July future closed at 70.66 with loss. In intraday euro made high around 70.81 while low was at 70.54. Total 27 paisa intraday range and closed with loss. Here 70.5 is strong support and expect reversal from that level.
Gbp inr July future closed at 99.54 with loss of 54 paisa. In intraday pound hit high around 99.89 while low was at 99.45. Total 45 paisa intraday range and closed with loss. Here stay short with stop loss above 99.9 for downside target of 99 in intraday.
Jpy inr July future closed at 51.65 with loss. Here as expected yen resumed its weak trend and strong rupee added more pressure on exchange price. Here expect downside up to 51.45 in intraday. Closing below means downside possible target up to 50.6.