Time Table
Indian rupee continues to strengthen this morning with USD / INR is currently testing the round figure of 62.0 support. Main reason for this gain can be attributed to the inflow of funds in Indian stocks on the back of improving economic sentiment in India as a result than expected Q3 GDP print much stronger (+ 4.8% Y / Y vs. 4.6% expected and 4.4% previous), which led main stock index Sensex by 1.25% last Friday.
Latest Chinese manufacturing PMI official figures that were released during the weekend still the risk appetite fuel, piling downward pressure USD / INR as Sensex trading continues higher. This additional downward push will go a long way in helping USD / INR bears stand side chain that prices have been stuck in since November 26, and we could see a further downward movement (in small groups) if appetite the risk remains bullish.
Weekly Chart
weekly chart Techniques promotes downward pressure to 61.3 (the consolidation ceiling July). Other downside targets may be possible that the assertion of Top Channel maintenance naturally opens up Bottom Channel ultimate downside target. However, similar to the short-term chart, the Stochastic indicator is close to "oversold", promoting decision-61.3 support and not an immediate move toward the channel bottom (or maybe even 59.0 Floor Consolidation ), which traders should be aware that the -Thanks bearish monitoring may not be as strong as they think and additional confirmation may be required.
also Fundamentals do not support a strong rupee. Although the most recent GDP data is encouraging, it should be noted that it is much lower than the initial estimates of around 6% + that was made earlier this year. Moreover, economists have estimated that India will need a growth Y / Y from 6.5% to support the current labor market, a number less than 6.5% would mean that we could see more unemployment in the future. Therefore, the current euphoria about India's economy is only due to the bar being too small, and increase the risk of a possible upward recoil when Rupee starts to weaken again
links :.
GBP / USD - Almost two-year high around 1.6430
Gold Technicals - Sideshifts With Bumpy week ahead
AUD / USD - finds solid support at 0.91
This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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