WEEKLY FOREX TECHNICAL REPORT 02 DEC TO 06 DEC 2013
The rupee weakened for a second consecutive session on Friday as month-end dollar demand from oil firms offset an increased global investor demand for risk that sent other currencies such as the euro higher. Despite ending the week with mild losses, the rupee notched a second consecutive weekly gain, helped earlier in the week by the rally in the euro and the biggest weekly gain in domestic shares since the week ended Oct. 11. However, the rupee snapped two months of gains to fall 1.5 per cent in November. Oil companies have returned to sourcing dollars in markets in November.
Domestic Forex markets Updates:
Rupee weakens, but gains for second straight week.
Euro hits 5-year high versus yen before inflation data.
Yen tumbles against dollar, euro in Asia.
Sterling index hits 14-month high after Bank of England move.
USDINR last week again traded in the same consolidation zone and closed on a flat note. On daily charts, it found strong support around the trend line coming from recent lows and selling can be defined only if it sustains below 62.2000. On higher side, immediate resistance is seen near 63.2500 surpassing which 64.0000 is seen as next resistance.
EURINR last week found support of the trend line on daily charts but closed near to the upper consolidation pattern of 86.3000. Positive momentum can be seen if it sustains above the level of 86.3000. Stiff resistance seen is around 87.0000-87.3000. On lower side, major support is found near 84.2500.
Global Forex Updates:
Euro Strengthens for a Third Month on Inflation Jump; Real Drops.
Pound Climbs to Highest Since 2011 Vs Dollar on Growth Signs.
Canada’s Dollar Weakens a Second Month Amid Stimulus Speculation.
FOR 2 DAY FREE TRIAL FOREX TIPS VISIT HERE
[Source : Weekly Commodity Report ]
This post has been edited by kailashtrifid: Nov 30 2013, 09:21 AM