Buy USDINR: Next strong resistance placed around at 68.99 level | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: USDINR futures opened flat in the last session and prices rose gradually for the whole session and made a high of 65.46. Prices have broken out from its strong resistance of previous multiple highs placed near 65.20 level and are expected to rise further from these levels towards next strong resistance placed around 38.2% Fibonacci retracement of its fall from high of 68.99 till low of 63.74, which is placed around 65.75 level. Action: Buy.


EURINR: EURINR futures opened slightly lower with gap in the last session and prices recovered slightly for first half of the session till high of 77.51. Later prices corrected for the remaining session and closed around 77.17 level. Prices are expected to take support at its short term rising trend line of the upward moving channel and rise towards immediate resistances placed around 77.50 and 77.90 levels. On the lower side immediate strong support is placed at 76.85 level. Action: Buy.


GBPINR: GBPINR futures opened flat in the last session and prices rose gradually for first half of the session till high of 88.34. Later prices corrected for the remaining session and closed around 87.92 level. Prices have been consolidating after breaking above 38.2% Fibonacci retracement of its fall from high of 100.42 till low of 79.75, which is placed at 87.65 level. Prices are expected to rise further from these levels towards immediate resistance placed at recent high of 88.51. Action: Buy.


JPYINR: JPYINR futures opened strongly higher with gap in the last session and prices rose further for first half of the session till high of 58.61. Later prices consolidated in a narrow range and closed around 58.52 level. Prices have bounced strongly after taking strong support at 78.6% Fibonacci retracement of its rally from low of 56.54 till high of 59.56, which is placed at 57.18 level. Prices are expected to rise further from these levels towards next strong resistance placed at 59.05 level. Action: Buy

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