Short update for 08 December 2011
USD/INR: Rupee lost steam at the door step of the first buy zone of 51.35-51.25 (high of 51.35) and has reversed sharply to take out the first support at 51.75. Having completed one round of end-to-end moves from 53 to 51; looks set for extension into 53. It may not be a one-way drive; green back should face hurdles at 52.00-52.10, 52.35-52.45 and 52.65-52.75. For today, sideways trading mode at 51.65-52.05 may be in order. Recommend to hold on to long entered at 51.35 and add on dips into 51.65-51.55 (with stop below 51.50 for 52.05/52.40/52.70).
EUR/USD: Nicely traded end-to-end of 1.3350-1.3450 (inner ring of 1.2850-1.3650 short term range). Now, it looks good for extension into 1.3250 while 1.3450 holds.
USD/JPY: Struck in 77.50-78.00 range. In the absence of BOJ, we can see extension into 77.25-76.75 which should hold.
FX Premium: The set resistance at 5.75% (3M) and 4.25% (12M) held well. Continue to watch sideways consolidation mode at 5.25-5.75% (3M) and 3.75-4.25% (12M). Hold on to 3X12M entered at 3.5-3.75% for 3.25-3.0%.
NIFTY: Failed at close to higher end of set short term range play at 4650-5150. Watch consolidation at 4950-5050. Good to sell at 5100-5150 (with stop at 5175) and buy at 4900-4850 (with stop at 4825).
Moses Harding
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