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Copper target met Buy Zinc at 199 for target of 201 , SL 198 Date - 14/03

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Indian Rupee fell around 13 percent in last quarter of 2018 and was seen trading around 75. The volatility in the Forex market doesn’t seem to stop. #Forex dayttrading

Forex daytrading -

Monday was a shining day for INR where we saw Rupee trading at INR 69.30 while Tuesday was red day for Rupee. Rupee fell around 0.54 paisa losing all shine. Rupee closed at 70.22 yesterday.#Forex dayttrading

The fall in INR did support the mcx commodity and we saw base metals getting support. Most analyst feel that Rupee would depreciate further and we can see levels of 71/72 in upcoming sessions.#Forex dayttrading

Looking at the history, at the end of 2017 Rupee was trading at 63.87 and since than we haven’t seen an appreciation. In 2018, Rupee fell around 9 percent and most analyst feel that 2019 is not a year for Rupee.

Rupee got impacted by various factors which included Crude Oil prices (Crude Oil effect fiscal deficit), US-China trade concerns, and increase in US interest rates.

Other domestic factors also added pressure on Rupee. State elections played their role. Most researchers are watching Rupee carefully since they expect it to touch 74 due to elections due next year.  #Forex dayttrading

With strength in Dollar Index and persist current account deficit, Indian currency might suffer again in 2019.

Looking technically, Rupee seems to consolidate around 69-70 but since fundamentals are not quite in favor, we may see the decline in 2019

Looking at fundamentals 

Crude Oil prices – This is major reason for Rupee to decline. With Crude Oil prices gaining momentum, we can expect Indian Rupee to suffer

US-China Trade concerns – Due to trade tensions we see both economies suffering. This impacts the growth and global risk sentiments further dampens.

Concerns from various Asian economies - Most Asian economies suffered slow down due to US-China trade war and this causes additional pressure on Rupee. #Forex dayttrading

Trading technique for Rupee

I expect Rupee to trade from 69 to 72. I would suggest buying USD in 70.30 for target of 70.75 with SL of 70.00.

Read disclaimer before investing.

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