Rupee held well at 51.35 support for 51.53 before into consolidation mode at 51.35-51.50. Continue to watch USD/INR to hold above 51.35-51.25 enroute to 51.50-51.65. Over all, prefer sideways trading mode at 51.15-51.75.
EUR/USD is finding strong support at 1.3350 for push back into immediate resistance zone at 1.3460-1.3485. Watch consolidation at 1.3350-1.3550 before extension of weakness into 1.3250/1.3150.
USD/JPY lacks steam to take out solid resistance at 78.00-78.25 and the momentum seems for move into 77.50-77.25 before bounce.
FX Premium at higher end of 5.75% (3M) and 4.25% (12M). The upside momentum is good at this stage. See arbitrage play from FIIs. Once FIIs move out, should see downward momentum. It is good to unlock paid book in 12M.
NIFTY moved into higher end of 4950-5150 range and looks good for extension into 5250-5300 in the near term.
Gold held well at 1710 and upmove should falter at 1740-1760 for test/break of 1710 into 1680-1665.
NYMEX Crude is steady at 100-103. While not ruling out extended run into 106, there should be reversal from there into 95-90.
Moses Harding
EUR/USD is finding strong support at 1.3350 for push back into immediate resistance zone at 1.3460-1.3485. Watch consolidation at 1.3350-1.3550 before extension of weakness into 1.3250/1.3150.
USD/JPY lacks steam to take out solid resistance at 78.00-78.25 and the momentum seems for move into 77.50-77.25 before bounce.
FX Premium at higher end of 5.75% (3M) and 4.25% (12M). The upside momentum is good at this stage. See arbitrage play from FIIs. Once FIIs move out, should see downward momentum. It is good to unlock paid book in 12M.
NIFTY moved into higher end of 4950-5150 range and looks good for extension into 5250-5300 in the near term.
Gold held well at 1710 and upmove should falter at 1740-1760 for test/break of 1710 into 1680-1665.
NYMEX Crude is steady at 100-103. While not ruling out extended run into 106, there should be reversal from there into 95-90.
Moses Harding
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