Daily Forex Report by www.epicresearch.co 16 August 2012
HEADLINES:
Rupee extends losses after July trade deficit widens:
Rupee fell further to 55.73/74 against its 55.34/35 close
on Monday after July's trade deficit widened from
June. India said it expects July trade deficit at 15.5
billion, which would be wider than the deficit of 10.3
billion in June. Reserve Bank of India Governor
Duvvuri Subbarao reiterated his concern about
inflation on Monday, saying it remained above comfort
level.
Sterling hits 2-week high versus dollar after
CPI data:
Sterling rose to a two-week high against the dollar on
Tuesday after data showed annual British inflation rose
unexpectedly to 2.6 percent in July from 2.4 percent
the previous month. Sterling rose to a two-week high of
1.5730 from around 1.5702 before the release.
TRADING TIPS
Buy EUR/INR above
69.05 for targets of
69.17/ 69.30
Stop loss 68.90
PAST PERFORMANCE
Buy USD/INR above
55.47 for targets of
55.60/ 55.75
Stop loss 55.25
Not executed
DAILY USD/INR ANALYSIS:
OPEN: 55.6100
HIGH: 55.8875
LOW: 55.6000
CLOSE: 55.8375
USD/INR LOOKS BULLISH
TREND: UPWARDS
STRATEGY: BUY ON DIPS
DAILY EUR/INR ANALYSIS:
OPEN: 68.5215
HIGH: 69.0425
LOW: 68.5125
CLOSE: 68.9250
EUR/INR LOOKS BULLISH
TREND: UPWARDS
STRATEGY: BUY ON DIPS
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