-- Posted Tuesday, 4 November 2008 | Digg This Article
| Source: GoldSeek.com
DAILY COMEX REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
It’s super Tuesday because of the voting for US elections. The US dollar has been trading with a bullish bias with cable getting ripped apart from all angles while the yen has been stable. Recession continues to be the buzz word among investors. Commodities were choppy, less volatile (than average for October) but directionless. Energies fell on expectations on lower Asian demand. There are economic numbers from eurozone and US but they will have a negligent impact on commodities. Interest rate cuts by central banks are now the latest fad and fashion of the investment world.
TECHNICAL VIEW
COMEX COPPER DECEMBER
It will not be a one way traffic for copper. Copper needs a consolidated break of $194 for $203 and $220. On the lower side as long as $175 it will trade in $175-$210 wider range.
DAILY FOREX REVIEW AND OUTLOOK
Cable was cut into pieces yesterday. I am not buyer in cable and would prefer to use a sell on sharp rise strategy despite oversold conditions. Sterling will gain probably after the bank of England meeting on Thursday. The Yen will continue to consolidate.
INDIAN RUPEE
The prime minister has said that the Indian economy will be affected by the recent global slowdown. The second round effects of the current slide in stock markets will be felt over the next few months. RBI’s interest rate cuts will just prevent the medium term pace of decline of the rupee. In the short term rupee may test 47.80 and 47.32 as long as it remains below 50.0. Intra day fresh sellers will emerge only on a consolidated fall below 48.32.
DAILY TECHNICAL ANALYSIS |
4th November, 2008 |
CURRENCY | CMP | SUPPORT | RESISTANCE |
| | S4 | S3 | S2 | S1 | R1 | R2 | R3 | R4 |
EURO/USD | 1.2631 | 1.2225 | 1.2330 | 1.2500 | 1.2592 | 1.2725 | 1.2840 | 1.2940 | 1.3012 |
GBP/USD | 1.5820 | 1.5245 | 1.5380 | 1.5508 | 1.5722 | 1.5940 | 1.6100 | 1.6320 | 1.6500 |
USD/JPY | 98.92 | - | 93.86 | 95.50 | 98.30 | 100.60 | 102.90 | 105.60 | - |
USD/CHF | 1.1749 | 1.1326 | 1.1500 | 1.1517 | 1.1680 | 1.1826 | 1.1981 | 1.2052 | 1.2106 |
INDIAN RUPEE | 48.6500 | 48.0000 | 48.0200 | 48.3700 | 48.5100 | 48.8100 | 49.0800 | 49.2000 | 49.5600 |
INTRA DAY TRADING STRATEGY
EURO/USD: 1.2330 is the 2008 low and euro/usd can test 1.2330 if there is a consolidated fall below 1.2500.
Jobbers: Buy only on a break of 1.2740 till then a sell on rise strategy.
Day traders: Buy on dips 1.2500 holds and sell on a consolidated fall below 1.2500.
GBP/USD: Sterling was not able to hold 1.6000 and needs to close over 1.60 today and tomorrow, else there will be sellers.
Jobbers: Buy only on a break of 1.6080 till then a sell on rise strategy.
Day Traders: Buy on dips as long as 1.5680 holds and sell on a consolidated fall below 1.5680
USD/JPY: This week the yen is bullish over 100.60.
Jobbers: Buy on dips as long as 97.60 holds and sell on a consolidated fall below 97.60.
Day Traders: Buy only on a break of 100.60 till then a sell on rise strategy.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice .Prepared By Chintan Karnani. Website www.insigniaconsultants.in
-- Posted Tuesday, 4 November 2008 | Digg This Article | Source: GoldSeek.com
