nse currency futures outlook for next week 8 to 12 june 2015

usd inr daily chart technical analysis

Usd inr future on last trading session closed at 64.01 with loss at day low. Us dollar is in strong uptrend against rupee on buying momentum. Usd inr pair still trading above its 1 and 3 month average with strong corrective patterns on indicators. On downside 63.9 is first support of 1 month average level and below it 63.4 is 3 month average support level. On upside 64.5 and 65.2 are strong resistances as well as target zones if rally resumes primary trend after correction.

Traders below 64.1 on closing basis keep short view with strict stop loss for target 63.6 and below in next week.

eur inr daily chart technical analysis

Eur inr future on last trading session closed at 71.86 with loss. On daily chart euro still strong bullish against Indian rupee but momentum is losing out as profit booking stuck this future in overbought zone. Euro trading way above short term averages with corrective price pattern and also bearish indicators pattern suggesting correction or downside in next week. 70.8 is first support of 1 month average and 70.45 is last support of 3 month average.

On upside 73 and 74 are strong resistances. This week we have seen strong rally in eurinr as euro rallies in international forex but as fundamentals are weak expect sharp profit booking and might be reversal of trend in upcoming weeks to months. Next week traders keep short view on euro rupee future with stop loss just above 72.4 and expect target of 70.9 and below. Below 70.9 expect breakdown of euro future.

gbp inr daily chart technical analysis

Gbp inr future this week closed with gains but lost most on the gains in last 2 session and closed with flat gains for the week. Pound rupee last closing price was 97.97. On daily chart pound closed below 1 month average and heading towards 3 month average level with corrective price pattern and bearish sell signal on daily as well as weekly indicators. On upside 98.2 is 1 month average and strong resistance and 96.8 is 3 month average and short term trend support.

For next week, pound rupee trading strategy will be go short with stop loss above 98.3 for target 96.8 and then 95.5 if panic spreads.

jpy inr daily chart technical analysis

Yen rupee future on last trading session closed at 51.29 with loss. This week yen resumed primary downtrend after bounce back in few session of week. On weekly chart this week will be forth losing week for yen. In these four weeks period yen tumbled against rupee from highs of 54 to lows of 51. On daily chart 52.25 is 1 month average and 52.5 is 3 month average. Both are strong resistances for next week. On downside 50.8 and 49.8 are strong supports as well as target zones for next week. For short positions in jpyinr future 52.5 is stop loss and 50.8 is first target level.

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Pramod Baviskar

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