New currencies for trading!!

The NIFTY moved as expected - just short of my corrective rise target of 4940. May be that will come tomorrow - if President Obama does not spring surprises in today's US Budget speech!! Short term traders should book profit at higher levels.

Friends, I am sure you all will be delighted that you can now trade in three more currencies - EURO, YEN and GBP!! Now therefore you can become an international trader!

I took this chance to check the Euro-INR Chart. Well I only wished that the Exchanges would have introduced Euro Futures a couple of months back - in the month of Dec 09.

That was a great opportunity for us to sell Euro at near Rs 69/- levels with targets of Rs 64 - 62... But the Excanges have introduced them today (1-2-10) when the Euro is already trading near 64.50...



Well, I presume we may now get an opportunity to buy it near to 62 levels for a corrective bounce back... (Incidentally , the Euro weakening against major currencies , especially USD, is because of a fear of default by Greece.)

Now we have more securities to track and trade and as technical traders we are only happier.

CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.