USD/INR SPOT:
Rupee lost steam ahead of 51.15 support for strong reversal into immediate resistance at 51.50-51.65. Let us watch sideways trading mode at 51.15-51.65. The bias however is for extension into 51.85 which is expected to hold.
EUR/USD:
EUR/USD is expected to lose steam at 1.3450-1.3525 sell window for test/break 1.3375-1.3350 support for extension into 1.3275-1.3225. Over all, watch 1.3150-1.3550 consolidation.
USD/JPY:
Watch strong support at 77.75-77.50 to hold for test/break of 78.25 for extension into 79.25-79.75 in due course.
USD/INR Premium:
3M at 5.50% and 12M at 4.0% is strong and difficult to break. Having unwound 3X12M paid book entered at 2.5-2.25% at 3.5%; it is time to receive 3X12M at 3.50-3.65% with stop at 3.75%. Receive Feb/Nov at 137-143 (with stop at 147)
NIFTY:
It is sleepy market; watch consolidation at 4950-5050. Looks good to buy on dips into 4950-4850 for 5150-5250.
Gold:
Watch consolidation at 1730-1760. No clarity on break-out but should stay within 1710-1780
NYMEX Crude:
Consolidation at 100-103 would be in order. The bias is for extension into 106
Moses Harding
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