Buy USDINR: Immediate supports are placed around 64.80 and 64.65 levels | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: USDINR futures opened slightly lower in the last session and prices corrected further for the whole session till low of 64.92. Prices have been taking strong support at 61.8% Fibonacci retracement of its rally from low of 63.74 till high of 65.12, which is placed at 64.65 level. Prices are expected to recover from these levels towards next strong resistances placed at 65.20 and 65.35 levels. Immediate supports are placed around 64.80 and 64.65 levels. Action: Buy.


EURINR: EURINR futures opened sharply lower with gap in the last session and prices corrected further for the whole session till low of 76.14. Prices have been correcting gradually since last few sessions after making a high of 77.47 and are expected correct further from these levels towards immediate support placed around 61.8% Fibonacci retracement of its rally from low of 75.21 till high of 77.47, which is placed at 76.08 level. Immediate resistance is placed around 76.35 level. Action: Sell.


GBPINR:
GBPINR futures opened slightly lower in the last session and prices continued to correct for the whole session till low of 85.83. Prices have been trading in a narrow range of 85.80-86.40 levels after recovering from its strong support of 61.8% Fibonacci retracement of its rally from low of 81.90 till high of 88.62, which is placed at 84.47 level. Prices are expected to hold support around current levels and rise towards immediate resistance placed at 86.40. Action: Buy.


JPYINR: JPYINR futures opened sharply lower with gap in the last session and prices fell further for the whole session till low of 57.70. Prices have corrected after rising strongly in the previous two sessions. Previously prices have broken out from its short term declining trend line resistance and are expected to rise further from these levels towards immediate resistance placed around its recent high of 58.18 level. Action: Buy

 

   Click here to read the full report