Forex Trading market - News Box and Strategy


The dollar-rupee January contract on the NSE was at 71.26 in the previous session. Open interest increased almost 1.38% in the previous session.

Forex trading News Box

Forex trading news

  • Rupee ended at 71.19 a dollar yesterday, up 2 paise against its previous close of 71.21.
  • FBIL set reference rate for dollar at 71.1825 and euro at 78.9907.
  • Global Funds Sell Net INR1.76b of India Stocks Wednesday: NSE; Foreigners Sell Net INR25.3b Indian Equity Derivatives Wednesday.
  • Yield on 6.45% bonds maturing July 2029 at 6.64% on Jan. 22.
  • RBI to Conduct Special OMO Purchase of INR100B of Govt Bonds.
  • US dollar edged lower on falling US yields and China virus concerns.
  • On the data front, initial and continuing jobless are due in the later part of the day.
  • Euro traded steady ahead of ECB meeting while UK's pound shift focus towards Brexit developments.
  • ECB to meet for its interest rate decision meeting on Thursday.
  • Japan’s yen was mostly unchanged taking cues from Asian stocks.
  • In economic news, Japan's trade gap widened in December; exports shrank 6.3% YoY.
  • PBOC has set the Yuan reference rate at 6.8876 versus Wednesday's 6.8853.
  • People's Bank of China injected CNY240.5 billion via a one-year Targeted Medium Term Lending Facility at 3.15%, unchanged from previous operation.

Technical and Fundamentals

USDINR

On The daily chart USDINR Fut closed flat giving a small doji candle close, prices can be taking basing range near 70.90-71.40. Thus supports are placed at 70.90-70.70. 71.30-71.50 will keep acting as new supply points.
Overall prices can be in range of 70.75-71.4 Technical Indicator MACD iOverall prices can be in range of 70.75-71.4s showing signs of trend to be sideways to positive for few sessions, For the day it can be in a range of 71.18-71.31 below 71.18 shorts can be seen towards 71.11 & above 71.32 rally towards 71.42 can be seen.

Forex Trading Tip


Buy USDINR at 71.22-71.21 TGT 71.32 Stoploss 71.14

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