Short udpate for 28th Feb 2012
USD/INR SPOT: Reversed sharply from 48.94 to 49.30 driven by OIL woes and now in consolidation mode at the set sell zone of 49.15-49.25. There is no change in rupee bullish outlook into the near term with objective at 48.85-48.60. Having sold April 2012 dollars above 50 (high of 50.08), let us watch July 2012 dollars above 51 to sell (spot at 49.35-49.50). No change in looking for near term consolidation at 48.50-49.50.
USD/JPY: has traded end-to-end of set sell zone of 81.50-82.00 (high of 81.61) and buy zone of 80.25-79.75 (low of 79.99) and now at 80.20. The market is now expected to stay in consolidation mode at 79.50-81.50. Let us trade end-to-end buy buying at 79.75-79.25 and selling at 81.25-81.75 with tight affordable stop.
EUR/JPY: fell sharply from high of 109.89 to 107.27 dragged by lower EUR/USD and USD/JPY. Let us stay aside on this pair and focus on EUR/USD and USD/JPY. However, EUR/JPY is expected to hold above 107 for back to 110.
EUR/USD: is in consoliation mode at 1.3375-1.3475. The undertone continues to be Euro bullish for 1.3625-1.3700 while 1.3325-1.3250 holds. Let us play this range end-to-end with tight stop on break thereof.
NIFTY: fell sharply in line with expectation into 5225 (low of 5268). Let us now watch consolidation at 5200-5400 while reversal into immediate resistance at 5385-5400 will look heavy. The bias is into lower end at this stage.
Gold: is in consolidation mode at the lower end of set near term range of 1760-1835 (low at 1762). However, the bounce from here is not convincing at this stage; hence may need to review the immediate term range into 1730-1800 not ruling out gradual move into lower end before getting into bull trend. The short term outlook is for extended gains beyond 1835 into 1920 while 1690-1710 supports.
NYMEX Crude: is holding well below strong resistance at 110 (high of 109.77) with fear of intervention through release of strategic reserves to arrest supply side concerns arising out of tensions in the Middle East. As said, crude above 110-115 is disaster for the global economy; hence would be prudent to allow for correction into 103-100 for near term consolidation at 100-110. Let us play end-to-end of this range.
Have a great day ahead............Moses Harding
USD/INR SPOT: Reversed sharply from 48.94 to 49.30 driven by OIL woes and now in consolidation mode at the set sell zone of 49.15-49.25. There is no change in rupee bullish outlook into the near term with objective at 48.85-48.60. Having sold April 2012 dollars above 50 (high of 50.08), let us watch July 2012 dollars above 51 to sell (spot at 49.35-49.50). No change in looking for near term consolidation at 48.50-49.50.
USD/JPY: has traded end-to-end of set sell zone of 81.50-82.00 (high of 81.61) and buy zone of 80.25-79.75 (low of 79.99) and now at 80.20. The market is now expected to stay in consolidation mode at 79.50-81.50. Let us trade end-to-end buy buying at 79.75-79.25 and selling at 81.25-81.75 with tight affordable stop.
EUR/JPY: fell sharply from high of 109.89 to 107.27 dragged by lower EUR/USD and USD/JPY. Let us stay aside on this pair and focus on EUR/USD and USD/JPY. However, EUR/JPY is expected to hold above 107 for back to 110.
EUR/USD: is in consoliation mode at 1.3375-1.3475. The undertone continues to be Euro bullish for 1.3625-1.3700 while 1.3325-1.3250 holds. Let us play this range end-to-end with tight stop on break thereof.
NIFTY: fell sharply in line with expectation into 5225 (low of 5268). Let us now watch consolidation at 5200-5400 while reversal into immediate resistance at 5385-5400 will look heavy. The bias is into lower end at this stage.
Gold: is in consolidation mode at the lower end of set near term range of 1760-1835 (low at 1762). However, the bounce from here is not convincing at this stage; hence may need to review the immediate term range into 1730-1800 not ruling out gradual move into lower end before getting into bull trend. The short term outlook is for extended gains beyond 1835 into 1920 while 1690-1710 supports.
NYMEX Crude: is holding well below strong resistance at 110 (high of 109.77) with fear of intervention through release of strategic reserves to arrest supply side concerns arising out of tensions in the Middle East. As said, crude above 110-115 is disaster for the global economy; hence would be prudent to allow for correction into 103-100 for near term consolidation at 100-110. Let us play end-to-end of this range.
Have a great day ahead............Moses Harding
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