Thursday, August 11, 2011

Forex trading tips for 11th August.

USDINR Aug: Weak equities may keep rates positive for the session. The DJIA dropped over 500 points yesterday and it will lead to lower opening of local shares. The USDINR is expected to move higher towards 45.50 and then 45.57 levels. The support is seen at 45.30. Any dip towards the 45.30 level is ideal for buying. Watch out to buy around 45.30-45.32 targeting 45.50 with stoploss below 45.20
ERUINR Aug:  The pair has opened lower today after slide of EURUSD overnight, but decline is limited due to gains in USDINR pair. The market is expected to stay sideways to lower for the session. The resistance is seen at 64.65 levels with support at 64.30 and then 64.10 levels. Selling is ideal on a pullback towards 64.60 levels.
Watch out to sell at 64.60-45.65 targeting 64.30 with stoploss above 64.80
GBPINR Aug: The GBPUSD dropped to 1.61 overnight leading to a decline in GBPINR today. The USDINR gains in the morning session lead to a minor gap down opening of the pair. The resistance for August GBPINR contract is seen at 73.55 with support at 73.20 levels.
One can look for buying on declines towards 73.20 levels targeting 73.45 with stoploss below 73.05
JPYINR Aug:  Continuous risk aversion following slide in global shares has been pushing the yen higher. Though the Japanese Government intervened the market to steam Yen rise, the currency is still trading higher on sharp selloff in US stocks from past 4-5 sessions. The JPYINR Aug pair is likely to find resistance at 59.45 levels with support at 58.80 levels.

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