Political developments in the USA will prevent the US dollar from sharp gains before the Federal Reserve meeting next week. Inflation meeting the Federal Reserve's target implies that a minimum of three interest rate hikes will be there. The fourth interest rate hike will be dependent on energy prices. Gold and silver are firm due to reduced chances of four interest rate hikes this year.
Trump has an ever-changing team. Trump looks like a musketeer among the global political leaders. Trump has created an impression that there is an indirect political instability in the USA. Changing the team every now and will result in US dollar bashing. Eurozone and Japan are much more politically stable. In Germany Angela Markel is less powerful but still there is a stable government. Euro should remain firm against the US dollar. However a sharp correction on or before 30th April cannot be ruled out in euro versus the US dollar.
The Japanese Yen would have weakened significantly but for Trump firing the secretary of state. The Yen will be volatile as land scandal hits Shinzo Abe. Quarter end position squaring and rebuilding has started in the currency markets. Next quarter's expected trend will set the current price moves in currency markets.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $60.77
Bullish over $61.60 with $63.70 and $65.30 as price target
Bearish below $61.00 with $60.60 and $59.50 as price target
Crude oil can rise to $62.20 as long as it trades over $60.10. Sellers will be there below $60.10.MCX NICKEL MARCH 2018 - previous day close Rs.898.10.
Key short term resistance is at 920.70. Immediate support is at 871.80. Nickel can rise to 920.60 as long as it trades over 871.80. Sell off will be there if nickel falls below 871.80. I am against investing in Nickel unless it breaks and trades over 920.70 with some trailing stop loss. Long term bullish trend is intact. I will prefer to use any 80-100 fall (if any for the rest of March) to invest with a trailing stop loss below 677.40 and a price target of 1300.30 by end June.HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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