Buy USDINR: Prices are expected to rise further towards 65.67 | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: On Wednesday, USDINR pair traded on a very volatile note. Initially it opened with a gap up at 65.28 and surged till 65.50. In the second half it witnessing minor profit booking and finally ended at 65.31. In the current scenario the immediate resistance is at 65.67. Thus, we expect pair to rise till these levels in coming sessions. Thus, we advise buying on dips around 65.15 for targets of 65.67 Action: Buy.
EURINR: On Wednesday, EURINR pair openedwith a gap down at 79.95 and slipped slightly lower till 79.87 and thereafter it traded on sideways note and finally ended at 79.94. Pair has almost made triple top around 80.60. Therefore, 80.60 holds as key resistance and on the downside supports are seen at 79.55 then 78.90.For the day, EURINR pair is likely to remain bearish and thus recommend selling around 80.20 with strict stop loss at 80.60. Action: Buy.
GBPINR: On Wednesday,GBPINR pair declined slightly lower and settled near the trend line support of 90.76. The trend is still looking positive on the daily chart and we expect pair to rebound till the previous high of 91.86 then 92.30. Therefore, we advise buying around 90.80 for upside targets of 91.50. Action: Buy.
JPYINR: After previous sessions minor dip, JPY INR pair once again re-bounced higher during yesterday’s session and hit a high of 61.16. On theimmediate basis the key support is at 60.60 as long as pair holds above that the bullish rally remains intact. Thus, we advise buying on dips around 60.90 for targets of 61.60. Action: Buy.
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