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Indian Rupee, Nifty 50 Technical Forecast: USD/INR May Fall, Index Too?

INDIAN RUPEE TECHNICAL ANALYSIS

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The US Dollar is endeavoring to recapture lost ground against the Indian Rupee, yet the center could be restored to the loss ahead. USD/INR broke under key rising help from July 2019 in late August, making the way for expanding losses. Nonetheless, prices couldn’t get far, building up new help somewhere in the range of 72.76 and 73.00. Presently, previous rising help appears to have built up itself as new obstruction. That is on the grounds that costs endeavored to push back over the pattern line before falling back under it.

This could make the way for retesting the 72.76 – 73.00 zone. Shutting under this zone would then uncover a zone of opposition that held all through the most recent couple of long stretches of 2019. This could make for another territory of help somewhere in the range of 72.14 and 72.40. Taking out this zone hazards broadening misfortunes as costs focus on late-2019 lows somewhere in the range of 70.35 and 70.54. Otherwise, further gains from here would move the concentration to the 61.8% and the midpoint of the Fibonacci augmentation drawn on the outline beneath.

NIFTY 50 TECHNICAL ANALYSIS

India’s benchmark stock file, the Nifty 50, might be in danger of more profound losses. This is because it broke under a bearish Rising Wedge outline design and has since seen some affirmation. This additionally followed the presence of negative RSI disparity, demonstrating blurring upside energy. Since then, the Nifty endeavored to push under the 11433 – 11317 enunciation zone.

Nonetheless, bulls figured out how to recover some traction, denying a corroborative breakout lower. Another endeavor lower could raise the danger of a more profound inversion in the Nifty 50. That would place a stress on helping beneath at 11111 followed by 10894 in transit towards 10553. Otherwise, upturn resumption involves shutting over 11802 as the record endeavors to advance back to the current unequaled high at 12430.

Economic Calendar Highlights

  • U.K. Gross Domestic Product (GDP) YoY: 7:00am

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

  • U.K. Gross Domestic Product (GDP) MoM: 7:00am

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

  • U.K. Manufacturing Production MoM: 7:00am

Manufacturing Production measures the change in the total inflation-adjusted value of output produced by manufacturers. Manufacturing accounts for approximately 80% of overall Industrial Production.

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

  • U.K. Monthly Gross Domestic Product (GDP) 3M/3M Change: 7:00am

Gross domestic product (GDP) measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. Three-month data are calculated by comparing growth in a three-month period with growth in the previous three-month period; for example, growth in June to August is compared with the previous March to May.

  • U.S. Core Consumer Price Index (CPI) MoM: 1:30pm

The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

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