FREE FOREX TRADING TIPS

FOREX NEWS AND UPDATES

1. Euro Slides Toward 2-Year Low Amid Spain Bank Concerns.

2. GBPUSD: Trading the U.K. Mortgage Approvals Report

3. Indian FX/debt factors to watch 

USD/INR OUTLOOK 

USD/INR could gain towards 56 as risk assets fall from favour because of fears about Spain's banking woes. The pair last closed at 55.67/68 per dollar. Traders will watch for any possible central bank intervention around 56 levels. In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 56.01. The USD/INR June open interest was up by 30.9% from the previous day.

USD/INR TRADING TIPS

US dollar is expected to attract some buying support on declines against the INR.Utilise the lows in the USD/INR June contract to buy above 55.89 with 56.08/56.16 and a stop loss of 55.81

Forex Tips: Currency Market Weekly Report

¤ The dollar index holds 82 as Greece exit awaited.
¤ Euro wallows at 2-year lows as EU jitters rattle markets.
¤ Sterling soft near 2-month lows against dollar; UK GDP contracts.
¤ Japanese Yen weakens against dollar as Fitch downgrades economy.
¤ Indian rupee plunges; global risk sentiment weak



USD-INR is in bullish phase, last week USD-INR May futures hit the targets 54.96/55.20/56.20 on the upside. USD-INR had completed its 261.8% retracement (56.2300). For the coming week, 56.7475 will act as major resistance and 54.5475 will act as major support.


For the upcoming week, USD-INR is expected to trade range bound between 55.30 and 56.50. Traders
should go for buy on lower levels strategy, If USD-INR sustains above 56 then it can test 56.20, any
breakout above 56.75, price will rally to 58.65 (423.6% retracement level). If USD-INR sustains below
55.30 then it can correct to levels of 55.15. If USD-INR breaks 54.50 on the downside it will negate bullish view. Trade by keeping the strict stop losses. Major supports for the coming week in USD-INR: 54.5475 and 53.5050 Major Resistances for the coming week in USD-INR: 56.7475 and 57.7850