Sterling vs India Rupee for 10/10/2019

#CAC40 #SP500 It’s been some time since we covered this particular #Forex pairing, something of a surprise as we’d generally been quite spiteful about the Force India Formula 1 outfit. Thankfully Farce India are no more, the team taken over and renamed Racing Point and still based at Silverstone.

The Rupee / Sterling relationship needs, like so many other instruments, a glance back 10 years to 2009 as we need make a decision on the visuals for the intervening 10 years since the last financial tumble. At present, there are a few alarm bells ringing with this pairing as weakness now below 86.25 risks reversal down to an initial 83.80. This risks being significant, again breaking the long term uptrend and risking continued reversals to 79, should 83.80 break on the initial drop.

It’s probably worth looking at the inset on the chart below. The relationship was gapped (aka manipulated) back above the ruling uptrend in August, suggesting the market was perfectly aware the dangers of a drop.

In this particular instance, despite 79 making a lot of visual sense as “bottom”, our software insists this scenario should complete at a bottom of 75.

What if a miracle occurs?

The relationship needs exceed 89.50 at present to suggest it’s moving out of trouble. This should permit some recovery up to an initial 94 with secondary, if exceeded, calculating at a longer term 100. There’s certainly a heck of an argument favouring a pause at 94 but our secondary ambition looks less possible.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:48:10PM

BRENT

58.19

               

‘cess

9:49:30PM

GOLD

1505.61

               

9:51:34PM

FTSE

7187.94

               

9:54:34PM

FRANCE

5515.2

5463

5452.5

5438

5507

5527

5537

5570

5480

Shambles

10:09:05PM

GERMANY

12112.65

               

Success

10:10:41PM

US500

2921.22

2890

2873.5

2855

2925

2930

2943.5

2962

2900

10:24:05PM

DOW

26366

               

‘cess

10:26:22PM

NASDAQ

7691

               

10:29:11PM

JAPAN

21583

               

‘cess

 

9/10/2019 FTSE Closed at 7166 points. Change of 0.32%. Total value traded through LSE was: £ 5,209,605,060 a change of -0.79%

8/10/2019 FTSE Closed at 7143 points. Change of -0.75%. Total value traded through LSE was: £ 5,250,871,756 a change of -5.63%

7/10/2019 FTSE Closed at 7197 points. Change of 0.59%. Total value traded through LSE was: £ 5,564,169,791 a change of 8.23%

4/10/2019 FTSE Closed at 7155 points. Change of 1.1%. Total value traded through LSE was: £ 5,141,232,015 a change of -4.88%

3/10/2019 FTSE Closed at 7077 points. Change of -0.63%. Total value traded through LSE was: £ 5,404,760,567 a change of -16.8%

2/10/2019 FTSE Closed at 7122 points. Change of -3.23%. Total value traded through LSE was: £ 6,496,135,228 a change of -7.41%

1/10/2019 FTSE Closed at 7360 points. Change of -0.65%. Total value traded through LSE was: £ 7,016,145,513 a change of 8.13%

 

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