Currency Technical Analysis - May 15



USDINR
USDINR closed last week positive mostly completing wave v down, and today a close above the 20dma at 64.39 would be a first time in 3 months, so it may mark a trend change. First resistance above 64.39 is 64.86




EURO
The Euro could not hold above 1.099 so the case is first for a dip to maybe the 20dma near 1.08 or the gap area at 1.081, and then move up again




USDJPY Breaks Out
USDJPY breaks out of a falling channel and the channel measurement target above 113 is up to 118. I am not concluding on the wave structure yet but the fall is 3 waves making it a corrective decline. The rise appears more impulsive right now.



USDSGD
USDSGD - appears to have completed a correction near a 50% retracement and broken out on price and retracement. With the dollar rally in currency pairs gaining momentum we should see more upside here. Initial resistance is at 1.42 above that to the high at 1.454. But there is a bigger case for a 3rd wave that can drive it to 1.51 as well where 3=1.



USDMXN
USDMXN - Closed the month positive at the lower end of the channel. The monthly chart has a good case for wave 5 up to the upper end again. That would be 23.13. But sometimes with the extended 3rd wave 5 may truncate as a double top near 22 itself.





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

Structured Trade Finance - What Does it Mean?

Image
Business man counting his finances Structured trade finance (STF), a type of debt finance, is used as an alternative to conventional lending. This form of finance is utilized regularly in developing countries, as well as, in relation to cross border transactions. The objective is to encourage trade by making use of non-standard security. STF is generally used in high-value transactions in bilateral trading relationships. As a more complicated type of finance, STF is commonly related to commodity trading. Within the commodity sector, STF products are most prevalent. It is used by producers, processors, traders, as well as, end-users. These financial arrangements are tailored by banking organizations to meet the precise needs of the clients. STF products are primarily working capital financing, warehouse financing and pre-export financing. There are also some institutions that extend reserve-based lending, as well as, finance the conversion of raw materials into products, along
Read more

Strategic Trade Risk Mitigation Solutions

Image
  Are you about to enter the domain of international trade and expand base in India? If yes, it is imperative for you to know about the variegated challenges you might have to face. To name a few, politics, law, finance and more, can affect your venture. With tonnes of responsibilities to shoulder, you may find it hard to concentrate on the trade risks and their solutions. In such circumstances, a trade finance company can come to your assistance.    The professionals can not only only tell you about the potential risks, but also advise you in trade risk mitigation planning.   Here Are 4 Mitigation Strategies To Look Into Decide on an Apt Business Partner Your business partner in India is your support in an unknown, foreign territory. Choose a partner, which has professionals, who are familiar with the business practices, culture and regulations in the host country. Remember, a strategic alliance, with the right collaborator can provide you with a sound idea abou
Read more

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