Buy USDINR: The RSI is supporting pullback signs | Outlook on currencies | Investment Idea |

USDINR: As expected, USDINR slipped almost till the trend line support and recouped slightly and ended at 64.61. Ahead, as the pair is trading near the key supports we expect a sharp re – bounce in coming sessions till the resistance of 64.90 then 65.10 levels. The RSI 14 is also moving towards the oversold zone is supporting the pullback signs. Action: Buy.

EURINR: In line with expectation the EURINR pair witnessed sharp fall and tumbled till the low of 76.86 and ended at 76.90. Currently the pair is moving with the triangle pattern and as the same the immediate support is at 76.75 and if manages to hold that then minor pull back can be seen till 77.50 levels. Therefore, we advise buying around 76.75 with strict stop loss at 76.45. Action: Buy.

The GBPINR pair once again failed to surpass the resistance and slipped below the supports and ended at 86.01. Ahead, a convincing trade below 86.00 will draw down the pair till 85.50 and lower. Therefore, we advise selling below 86.00 mark for given targets. Action: Sell.

JPYINR: JPYINR pair finally breached the immediate trend line supports and slipped lower till 58.06 and ended at 58.06. The pair has given a bearish breakdown and going forward the pair is likely slip further till the next support levels of 57.80 then 57.65. Action: Sell.

   Click here to read the full report