Buy USDINR: Prices expected to rise | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: USDINR futures opened slightly higher in the last session and prices rose gradually for most of the session till high of 66.03. Prices have rallied strongly after breaking out from its strong resistance of previous multiple highs placed around 65.10 level and are expected to rise further from these levels towards next strong resistance placed around 50% Fibonacci retracement of its fall from high of 68.99 till low of 63.74, which is placed around 66.36 level. Action: Buy.
EURINR: EURINR futures opened flat in the last session and prices consolidated for the whole session in the range of 77.48-77.78 levels. Prices have been trading in a short term rising trend channel pattern and are expected to take support at its rising trend line. Prices are expected to rise from these levels towards immediate resistances placed around 77.80 and 78.30 levels. On the lower side immediate strong supports are placed around 77.40 and 76.90 levels. Action: Buy.
GBPINR: GBPINR futures opened flat in the last session and prices consolidated for the whole session in the range of 88.20-88.60 levels. Prices have been rising gradually sinces last two weeks after breaking out from its trend line resistance of previous multiple highs placed around 85.50 level. Prices are expected to continue this rally from these levels towards next strong resistances placed around 89.10 and 89.40 levels. Action: Buy.
JPYINR: JPYINR futures opened lower with gap in the last session and prices recovered for first half of the session till high of 58.78. Later prices corrected for the remaining session till low of 58.45 level. Prices have recovered strongly after taking 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 resistance placed at 58.95 level. Action: Buy
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