FOREX WEEKLY TRADING TIPS 18 to 22 June

FOREX NEWS & UPDATES

¤ Dollar index off 82 mark, unemployment claims increase.

¤ Euro firm on hopes of central bank action, soft US data.

¤ Sterling supported but risks lurk as debt crisis festers.

¤ Japan keeps interest rate unchanged; safe haven appeal boosts.

¤ Indian rupee trade volatile ahead of RBI monetary policy.

USD-INR Outlook :- For this week, USD-INR is expected to trade in the range 55 and 56.25. Traders should go for sell on higher levels strategy, If USD-INR sustains below 55.50 then below 55 it can test levels of 53.80. If USD-INR sustains above 56 it can test levels of 56.20. Trade by keeping the strict stop losses.

Major supports for this week in USD-INR: 55.1700 and 54.6200

Major Resistances for this week in USD-INR: 56.1725 and 56.6250

EUR-INR Currency Trend :-

For this week, Traders should go for buy on lower levels strategy, if EUR-INR sustains above70 then it can test levels of 70.50 it can test 71. If EUR-INR sustains below 69.6500 it can test levels of 69.3000. Trade by keeping the strict stop losses.

Major supports for this week in EUR-INR: 69.7700 and 69.3350

Major Resistances for this week in EUR-INR: 70.5350 and 70.8600

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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