Buy USDINR: Immediate resistance placed around 65.30 level | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: USDINR futures opened slightly lower with gap in the last session and prices consolidated for the whole session in the range of 64.70-64.80 levels. Prices have taken strong support at 61.8% Fibonacci retracement of its rally from low of 63.74 till high of 66.12, which is placed around 64.65 level. Prices are expected to recover from these levels towards immediate resistance placed around 65.30 level. Action: Buy.


EURINR:
EURINR futures opened slightly lower with gap in the last session and prices consolidated for most of the session in the range of 76.50-76.60 levels. Prices have been falling gradually since last few weeks after breaking down from its rising trend line support and are expected to fall further from these levels towards next strong support placed around 38.2% Fibonacci retracement of its rally from low of 68.21 till high of 78.29, which is placed around 74.44 level. Action: Sell.


GBPINR: GBPINR futures opened sharply lower with huge gap in the last session and prices traded in a range of 84.55- 84.80 levels for the whole session. Prices have almost fallen till 61.8% Fibonacci retracement of its rally from low of 81.90 till high of 88.62, which is placed around 84.47 level. Prices are expected to fall further if break below 84.47 level towards next supports placed around 83.70 and 83.40 levels. Action: Sell.


JPYINR:
JPYINR futures opened slightly lower in the last session and prices consolidated for most of the session in the range of 56.80-56.90 levels. Prices have been falling gradually since last few weeks and almost touched its immediate support placed around its short term rising trend line currently near 56.70 level. Prices are expected to take support and recover towards immediate resistance placed around 57.26 level. Action: Buy

 

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