Indian Rupee opened weaker as higher oil prices spurred demand for dollars from importers, while mixed Asian shares offered little comfort. U.S Dollar strengthened across the board with the market scaling back risky trades as US stocks fell and Housing data was extremely weak. January Existing Home Sales fell -5.3% vs. a milder -1% drop forecast. Bernanke spoke for a second day and helped to calm the markets angst about banks nationalization. Looking ahead for Weekly Jobless Claims are forecast at 628K. Also to be released, January Core Durable Goods Orders with a forecast of -2.5% vs. -3% previously. January New Home Sales is forecasted at 0.33m vs. 0.331m previously
Technical Outlook:
USDINR chart pattern indicates a bull rally for the day. With the trading range between 49.95-50.25 levels. With good support seen at 49.90 levels and key resistance at 50.30 levels. Stochastic is seen trending up giving indication of a upward correction but caution required as market at overbought level so consolidation is expected after the test of resistance levels.
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