Buy USDINR around 64.80 at stop loss of 64.50 | Forex Trading | Intraday | IndiaNotes.com
In the last session USINR opened at 65.12 and inched slightly higher till 65.16 and thereafter it slowly slipped lower to finally settle at 6.03. Pair has come down below the immediate support of 61.8% retracement mark. So we could see further correction till 64.80 levels. The momentum indicator stochastic has made negative crossover on daily chart. However the overall trend is still positive, so on dips can used for initiating long positions.
In line expectation, EURINR pair surged higher after breaching the previous triple top formation and ended at 80.90. Now the key break out level of 80.58 will hold as immediate support and as per the triangle pattern the trend is still looking strong and thus traders can initiate long positions on dips for immediate targets of 81.35 then 81.65.
As expected the GBPINR pair finally turned lower after failing to breach the trend line resistance and ended at 90.24. The pair is likely remain lower as long as it holds below the trend line resistance and therefore on the lower the supports are seen at 89.60 then 89.06 levels. Hence, we continue to recommend selling for down side targets of 89.60 then 89.40 for the day.
On Wednesday, JPYINR pair opened with minor gap up at 61.54 and inched till the high of 61.73 and finally ended at 61.65. Pair is moving along with the trend line supports. Going forward, it is likely extend its gains till 50% retracement level of 62.50 levels. Thus, traders are recommended to buy around 6.50 for intraday targets of 62.05.
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