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Abhishek Goenka

Founder & CEO , IFA Global

Currency Guide

 

Questions Answered

Q

guest: USD inr today up ya down

Abhishek Goenka: The USDINR pair is expected to remain sideways ahead of two-day RBI monetary policy. Likely range is 64.90-65.10
Q

guest: What about Euro? Will it decline or is it best time to buy?

Abhishek Goenka: EURUSD is continuously finding support near 1.2200-1.2150 zone. If it breaks then we can see deep correction till 1.1900-1.1850 levels. On the higher side, it has crucial resistance near 1.2450-1.2500 zone. In nutshell, it is trading in the given tight range. Breakout on either side will fetch big moves in the pair.
Q

guest: Is it best time to buy Euro?

Abhishek Goenka: EURUSD is continuously finding support near 1.2200-1.2150 zone. If it breaks then we can see deep correction till 1.1900-1.1850 levels. On the higher side, it has crucial resistance near 1.2450-1.2500 zone. In nutshell, it is trading in the given tight range. Breakout on either side will fetch big moves in the pair. Hence, you can wait for the confirmation in the short term trend.
Q

guest: Call or put which give good return in USD INR at this moment

Abhishek Goenka: Ahead of RBI policy, it is not advisable to go with any option strategy. Though it is non-event, as market is expecting status-quo- one should still wait for clear picture and then take a call. If USDINR crosses 65.30 then one can enter into long call and if market breaks 64.80 then one could enter into long put. Note- one should manage/define their risk and then take a call.
Q

guest: One year predictions for $ vs Rs rate

Abhishek Goenka: It is quite difficult to judge Rupee for next one year as there are so many uncertain factors are taking place. Further, there would be risk ahead of state and general election. Still, to give a view as per current fundamentals and technical developments, momentum for USDINR is bullish. It is expected to hold 64.50 and move higher towards 65.30 and if it breaks then 65.80-66.00 levels can be seen.
Q

guest: Will GBP regain to its original leve

Abhishek Goenka: For Pound Brexit negotiation risk is looming ahead of next year final date. But Uk fundamentals are quite convinced and BoE is expected to go with the rate hike in May. Hence, short term to medium term outlook view remains bullish and we can expect 1.4200-1.4300 levels. For further upside above this there should be Soft Brexit to take place.
Q

guest: What is your view on JPY

Abhishek Goenka: As we are seeing safe-haven demand due to US-China trade war and stronger Japan fundamentals, yen is expected to remain bullish against US dollar.
Q

guest: ur view on rupee and dolar

Abhishek Goenka: In the near term, definitely tomorrow`s RBI monetary policy and their comments will affect the pair. Further, FII flows and global trade war will change USDINR dynamics. Considering current fundamentals and technicals,the USDINR pair is expected to trade on bullish note. However, it will be further confirmed above 65.30 levels.
Q

guest: Is there any chances for rupee depreciation

Abhishek Goenka: In the near term, definitely tomorrow`s RBI monetary policy and their comments will affect the pair. Further, FII flows and global trade war will change USDINR dynamics. Considering current fundamentals and technicals,the USDINR pair is expected to trade on bullish note. However, it will be further confirmed above 65.30 levels.
Q

guest: What is the target of USD: INR now?

Abhishek Goenka: In the near term, definitely tomorrow`s RBI monetary policy and their comments will affect the pair. Further, FII flows and global trade war will change USDINR dynamics. Considering current fundamentals and technicals,the USDINR pair is expected to trade on bullish note. However, it will be further confirmed above 65.30 levels.
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