EURINR: Upside potential remains intact; Buy on dips | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: After opening with a gap up at 64.40, USDINR pair gradually slipped lower till 64.18 and finally ended at 64.25. Pair has tested the 38.2% retracement level as well as the swing high resistance of 64.44. Ahead surpass above that will extend the pair till the long term trend line resistance of 64.84t then 65.00 levels. Therefore, we advise buying on break of 64.44 for upside targets of 64.84 for the day. Action: Buy.
EURINR: After a continuous up move for last few sessions, ERINR pair remained lower after opening at 80.59 and finally ended at 80.15. Now the immediate support of the trend line is at 79.78 and as long as it holds above that the upside potential remains intact. But on the other hand momentum indicator stochastic has made negative crossover and the RSI is slipping lower from the overbought zone. Therefore we could notice minor corrections in today’s sessions and recommend buy on dips around 79.80 for day. Action: Buy.
GBPINR: On Monday GBPINR pair opened with minor gap down at 91.04 and from there it gradually slipped till 90.60 and finally ended at 90.65 mark. As pair penetrating the immediate trend line in yesterday’s sessions is likely to provide a minor correction till 89.95 then 88.78 levels. Thus, for the day we recommend selling below 90.60 for down side targets of 89.90 and lower. Action: Sell.
JPYINR: As expected JPYINR pair remained slightly lower during yesterday’s session and tumbled till the low of 58.38, but it managed to recouped and finally ended at 58.53. Pair is witnessing strong supports around 58.32 levels of the previous swing high. Thus, 58.32 is likely hold as strong buying level and recommend buying around 58.35 with strict stop loss at 58.10 for the targets of 58.90 and higher. Action: Buy.
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