Forex Trading - Sell USDINR futures

Forex Trading market yesterday witness depreciation in Indian Rupee by 0.17 percent while the Dollar Index rose by 0.11 percent. In January 2020 the foreign investors sold net $1.58 billion of Indian debt. 

USDINR opened with an upward gap and remained in positive terrain throughout the day. USDINR closed at 71.45 with a gain of 0.16 %.

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Forex Trading News

  • Rupee ended at 71.43 a dollar yesterday, down 10 paise against its previous close of 71.33.
  • FBIL set reference rate for dollar at 71.2404 and euro at 78.6902.
  • Global Funds Sell Net INR4.39b of India Stocks on Monday: NSE; Foreigners Sell Net INR25.2b Indian Equity Derivatives Monday.
  • Yield on 6.45% bonds maturing July 2029 at 6.56% on Jan. 27.
  • US dollar rose against a basket of currencies while Canadian dollar slipped to lowest level since mid-December.
  • In economic news, new home sales drop in December for the straight third month.
  • US central bank to meet on Jan 29-30 for their monetary policy decision.
  • Euro fell to two month low while UK's pound waited region's central bank meeting decision.
  • BoE to meet this Thursday for its interest rate decision meeting.
  • Japan’s yen stayed near a three-week high, underpinned by haven demand as concerns about the coronavirus continue to weigh on global markets.
  • According to sources, China's Lunar holiday extended till Feb 02 from Jan 30.

Forex Trading - Fundamentals and Technical update

On the daily chart USDINR has formed a small Bearish candle forming higher High-low compare to previous session indicating positive bias USDINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. 
Currently USDINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

Overall prices can be in range of 70.75-71.55. Technical Indicator MACD is showing signs of trend to be sideways to positive for few sessions, For the day it can be in a range of 71.36-71.55 below 71.30 shorts can be seen towards 71.18 & above 71.55 rally towards 71.68 can be seen.

Forex Trading - USDINR

SELL USDINR FUT BELOW 71.28 ( AVERAGE AROUND 71.55-56) SL ABOVE 71.61 TGT 71.18-71.05-70.90

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