Indian Rupee was slightly higher in early trade with the market looking to equities open for fresh cues but gains in other regional currencies in seen supporting the local unit. U.S. Dollar weakened as stocks around the world remained very buoyant and US stocks tried to rally for a 5th day. Default concerns from Amex kept this event from eventuating but still most of the majors held on to gains. US Industrial Production fell -1.4% vs. -1.2% forecast. NY Fed Manufacturing Index fell to -38 vs. -32 forecast. Looking ahead for February Industrial Output is forecast at -1.2% vs. -1.8%. Also released NY Fed Manufacturing forecast at -32 vs. -34.65 previously.
Technical Outlook:
USDINR chart pattern gives an indication of the possibility of a bear note for the day. Currency is expected to trade in the range of 51.10-51.50 levels for the day. Good support is seen at 51.05 and break of which will pull the Indian Unit below 51 levels. Key resistance is seen at 51.60 levels. Stochastic is also seen trending down supporting the bear note.
USDINR chart pattern gives an indication of the possibility of a bear note for the day. Currency is expected to trade in the range of 51.10-51.50 levels for the day. Good support is seen at 51.05 and break of which will pull the Indian Unit below 51 levels. Key resistance is seen at 51.60 levels. Stochastic is also seen trending down supporting the bear note.
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