Forex Trading - SELL USDINR FUT BELOW 71.68

USDINR opened on a flat note and witnessed extreme volatility on either side for most part of the session. However later hour buying momentum pulled USDINR higher to end on a negative note. USDINR closed at 71.56 with a loss of 0.16 %.

forex trading generatebucks

Last week, Indian Rupee depreciated by 0.18 percent while the Dollar Index rose by 0.09 percent.

Coronavirus, which emerged in early December and traced to a market in Hubei capital Wuhan that sold wild animals, has killed more than 300 people in China, infected over 14,000 others and spread to 25 countries.

Forex Trading News 

  • Rupee ended at 71.32 a dollar on Friday, up 17paise against its previous close of 71.49.
  • FBIL set reference rate for dollar at 71.4772 and euro at 78.7102.
  • India December key industries’ output Rises 1.3% y/y; India’s April-Dec. budget gap reached 132.4% of FY20 target.
  • Global Funds Sell Net INR12b of India Stocks on Feb. 1: NSE; Foreigners Sell Net INR28.4B India Equity Derivatives on Feb. 1.
  • Yield on 6.45% bonds maturing July 2029 at 6.60% on Jan. 31.
  • Forex reserves +$4.5b to record $466.7b in week ended Jan. 17.
  • On the data front, Manufacturing PMI for Jan is scheduled to be released today.
  • RBI to begin its monetary policy meeting tomorrow while the decision expected on Thursday.
  • US dollar was steady against a basket of currencies as investors assessed latest data and virus outbreak.
  • In economic news, US personal spending rose in line with expectations.
  • Australian dollar traded near ten and half year low against US dollar tracking China's situation.
  • Euro took cues from GDP numbers that grew least in almost seven years.
  • UK's pound rose as the years waited Brexit became realty on the previous day.
  • PBOC to pump in $173 billion to the economy to support against coronavirus outbreak.
  • The People's Bank of China has set the Yuan reference rate at 6.9249 versus 6.8876 on Jan. 23.
  • Data released showed that the China's industrial profits slumped 6.3% YoY in Dec.

Forex trading  USDINR Fundamentals 

On the daily chart USDINR has formed a bearish candle and remained restricted within previous session's High-Low range indicating absence of direction on either side. USDINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently USDINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term. The chart pattern suggests that if USDINR crosses and sustains above 71.70 levels it would witness buying which would lead USDINR towards 72- 72.20 levels.

SELL USDINR FUT BELOW 71.68 ( AVERAGE AROUND 71.95-92) SL ABOVE 72.02 TGT 71.54-71.40-71.22

Read disclaimer before investing

Post a comment