Forex Technical Analysis

[alex22]

MARKET PULSE

INDIA : FORECAST 4Q GDP expanded 4.9% Y/y vs 5.3% in 3Q,
INDIA : Finance Minister Chidambaram presents annual budget for 12 months starting April 1
INDIA : FM vowed to pare the gap to 4.8 % of GDP Vs. 5.3 % this year.
INDIA : may grow between 6.1 % to 6.7% next fiscal year
GOLD ETP fell to a 5M low of 2,508.53 MT yesterday (4 % monthly fall) biggest fall since April 2008
GOLD ETP holdings have dropped by 103.7 tons Feb more than five times the net sales in January.
US : Bernanke testimony :the Fed may hold bonds on its $3.1 trillion balance sheet to maturity
US : $85 billion in Automatic federal spending cuts begin to take from tomorrow.
EURO ZONE : Smooth auction of Italian government bonds helped ease worriesabout the election
JAPAN : Yen Falls for Third Day as Abe Nominates Kuroda for BOJ Governor
AUSTRALIA : RBA Says Up to 34 Central Banks Holding AUD , says AUD 15% overvalued
EURO ZONE Central bankers need to plan for monetary tightening to avoid asset bubbles, Danish central bank overnor Lars Rohde
EURO ZONE Draghi Says ECB in No Rush to Tighten Policy as Inflation Slows

 

[alex22]

Commodities

Gold Heads for Worst Monthly Run Since 1997 as Demand Slumps
Rhodium Beating Platinum to Palladium on Car Sales
WTI Rises Second Day, Trimming First Monthly Drop Since October
Gold ETP Holdings Tumble in Longest Decline on Record

 

[alex22]

INDIAN INR

MARKETS

INR rises 0.4% to 53.6400 trimming monthly loss to 0.8%; 1-month volatility falls 10 bps to 9.4000%, 12-month NDFs rise 0.2% to 57.06, 1-year IRS at 7.6100%; 5-year IRS at 7.1950% , 10Y at 7.799%

 

[alex22]

FACTORS

Technical : breaches pivot resistance at 53.6434; next resistance at 53.4117, 52.9667;pivot point at 53.8567; support at 54.0884, 54.3017, 54.7467.
FORECAST 4Q GDP expanded 4.9% Y/y vs 5.3% in 3Q,
Finance Minister Chidambaram presents annual budget for 12 months starting April 1
FM vowed to pare the gap to 4.8 % of GDP in the year through March 2014 from 5.3 % this year.
India may grow between 6.1 % to 6.7% next fiscal year

 

[alex22]

GOLD

MARKETS

Spot gold flat at $1,598.76 in Asia down 3.9 % in February. Gold April rose 0.1 % to $1,597.90 , Silver gained 0.2 % to $29.0725 , Platinum was little changed at$1,598.25. Palladium gained 0.3 % to $745.40 an ounce, heading for a fourth monthly advance in the best run since January 2011.

 

[alex22]

COPPER
Copper climbed for a third session on Thursday as the U.S. Federal Reserve reaffirmed its commitment to existing stimulus measures, while an improving outlook for demand also bolstered prices. 3M copper rose 0.60 % to $7,917.50 building on small gains in the previous session.

 

[alex22]

COPPER
Copper climbed for a third session on Thursday as the U.S. Federal Reserve reaffirmed its commitment to existing stimulus measures, while an improving outlook for demand also bolstered prices. 3M copper rose 0.60 % to $7,917.50 building on small gains in the previous session.

 

[alex22]

OIL
Brent crude oil prices steadied near a month-low beneath $113 a barrel on Wednesday as traders weighed expectations the Federal Reserve's stimulus program will be maintained against the sixth straight weekly rise in U.S. crude oil stockpiles. Brent crude shed 9 cents to $112.62 hitting a low of $112.23, its weakest point since Jan. 23. U.S. crude gained 54 cents to $93.17, supported by the EIA's report of a 75,000 barrel decline in crude oil inventories

 

[alex22]

FACTORS

Gold ETP fell to a 5M low of 2,508.53 MT yesterday (4 % monthly down) biggest fall since April 2008
Gold ETP holdings have dropped by 103.7 tons Feb more than five times the net sales in January.
Fed Chairman. Bernanke's defense of assset purchases and Italian election stoked demand
Bernanke testimony :the Fed may hold bonds on its $3.1 trillion balance sheet to maturity
$85 billion in Automatic federal spending cuts begin to take from tomorrow.

 

[alex22]

Futures

dinr

pattern: shark