Adam Smith Associates Pvt Ltd - Technical Analysis on USD v/s INR, Euro and Aluminium


Adam Smith Associates Pvt Ltd - Technical Analysis on USD v/s INR, Euro and Aluminium
USDINR - has been in a trading range and support is at the lower end near 67.75. 67.75, is close to 61.8% of the December move and also the lower Bollinger band so it is a good support and should mostly hold. The next move up has not started but when it does we should go beyond the 68.86 high. Wave III of 3 would be the label for the next move.


Euro formed a leading diagonal, that means a rise that has the wave structure of a 5-3-5-3-5, and is therefore the first wave of a larger bullish move. The dip yesterday therefore is wave ii. With support at 1.3057 it is possible that wave ii is over. We can also get one more dip to test 1.054 before going higher but it is not a certainty. Once the next move up starts we should see it go test 1.087




Aluminium prices started their next move after making a higher swing bottom at 120.65 This move is likely to carry it to 130 in minor wave iii. This part of a larger 3rd wave advance that will take prices still higher in the weeks ahead.




Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

Popular posts from this blog

Dow Long Term Outlook

Image
Elliott Wave analysts get blamed for having marked the Y2K top as the end of the 5th wave which was probably just the 4th. This is an occupational hazard. The time frame involved means that if you are wrong then its years worth in price. Still that does not diminish the importance of knowing where you are in the Fractal. Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd
Read more

Trade Finance News and Trends

Trade finance modernization turns towards blockchain A study of European treasurers by working capital fintech C2FO finds that 75% are focusing on investing in trade finance technology in 2017. Colin Sharp, senior vice-president, EMEA at C2FO, says the shifting macroeconomic environment is pressuring corporates to refocus their efforts on trade finance: “Treasurers are facing a lot of uncertainty, both from the US and around Brexit. This is putting stress on the supply chain, with demand increasing and decreasing. Treasures want the ability to use their assets to make returns and give some certainty. Source: https://www.euromoney.com/article/b12khnzp4pq9p5/trade-finance-modernization-turns-towards-blockchain --------------------------------------------- ICC Academy unveils new e-course on digital trade finance and fintechs The educational arm of the International Chamber of Commerce (ICC), the ICC Academy, has launched an advanced-level e-course entitled “Digital Trade Financ...
Read more

Adam Smith Associates - Soy Meal should move from 310 to 420

Image
Soy Meal Continuous has been consolidating for 3 months in a narrow range after the initial move up. The next move higher may now have started. Yesterdays move broke out of the trend line of the highs and closed above it. Soy prices should move from 310 to 420 near the previous high in the 3rd wave on the CBT exchange. Staying above the 315 and 325 short term supports should be bullish for Soy. Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst.
Read more