Monday, May 28, 2012

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


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