Weekly Forex Trading Tips For Beginner Trader
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Transcript of Weekly Forex Trading Tips For Beginner Trader
27 JAN - 30 JAN 2015
W E E K L Y
R
E
P
O
R
T
Buy on fear, sell on greed.
Buy on the rumor, sell on the news.
The trend is your friend.
Amateurs want to be right.
Professionals want to make money.
WWW.TRIFIDRESEARCH.COM
REFERENCE RATE
(USD) 61.4988
REPO RATE 7.75%
REVERSE REPO 7%
CRR 4%
INFLATION 0.00%
KEY RATES As on 23/01/2015
MARKET EVENTS MARKET OUTLOOK
Rupee movements were quiet in the
beginning of the week but its gradual
gains during the week drifted it to
two month high of 61.44 per dollar.
It was supported by strong bull rally
of Equity markets touching record
highs on better than expected QE
program so announced by ECB which
attracted foreign flows and
supported the rupee sentiments.
Indian Fx Reserves marked records
to touch the figure of $322.13 bn in
the week ending Jan 16. In the
coming week FOMC meet is the key
event which may affect volatility;
although Fed’s meeting last month
indicating interest rates may not
increase before April.
Forex reserves hit all-time
high at $322.14 billion.
Euro hits fresh 11-year lows vs
dollar following ECB move.
China's Yuan posts biggest 1-
day loss in 7 weeks after ECB's
QE move.
Yen rebounds against dollar
after BoJ stands pat on policy.
CURRENCIES PREVIOUS
RATE
CURRENT
RATE % CHANGE
USDINR 62.0200 61.5000 -0.83
EURINR 71.9300 69.0800 -3.96
GBPINR 94.3250 92.1500 -2.30
JPYINR 53.2125 52.0100 -2.25
USDINR
EURINR
USDINR last week showed sideways to bearish movements and closed on negative note. If
bearishness continues then 61.1000 is seen as major support level in the coming week from
where reversals can also be seen. On the other hand, important resistance level is seen near
62.0000 mark for the week.
EURINR last week saw huge weekly fall and after ECB announcement of bond buying program of 1
trillion euros to avoid deflation threat and hence it surpassed its important weekly support of
69.5000 and closed below it. If it sustains below 69.0000 then 66.9000 is now seen as major
support level while immediate resistance is seen around 71.2000-72.0000.
CURRENCIES S1 S2 S3 R1 R2 R3 USDINR 61.1000
60.8000 60.4000 61.9000 62.3000 62.7000
EURINR 68.5000 68.0000 67.4000 69.6000 70.2000 71.0000
GBPINR 91.4000 90.1000 89.0000 93.0000 93.8000
94.6000
JPYINR 51.4000 50.9000 50.3000 52.6000
53.1000 53.9000
PIVOT TABLE
DATE TIME COUNTRY EVENT BLOOMBERG
ESTIMATE
PREVIOUS
LEVEL
27-JAN-2015 7:00
PM US
Core Durable
Goods Orders
m/m
0.6% -0.7%
27-JAN-2015 8:30
PM US
CB Consumer
Confidence 95.7 92.6
29-JAN-2015 12:30
AM US FOMC Statement _ _
30-JAN-2015 7:00
PM US Advance GDP q/q 3.1% 5.0%
INTERNATIONAL UPDATES
Pound Gains to Strongest Level in Seven Years versus Euro on
ECB.
Brazil’s Real Drops as Current-Account Gap Wider Than
Forecast
Australian dollar drops to 5.5-year low after ECB move.