Sell USDINR: Immediate support placed around 64.25 level | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: USDINR futures opened slightly higher with gap in the last session and prices corrected for the whole session till low of 64.46. Prices have been trading around 61.8% Fibonacci retracement of its rally from low of 63.74 till high of 65.12, which is placed at 64.65 level and closed below the same for the last few sessions. Prices are expected to correct further from these levels towards immediate support placed around 64.25 level. Action: Sell.


EURINR: EURINR futures opened strongly higher with gap in the last session and prices corrected for most of the session till low of 76.53. Prices have taken strong support at its 20 days simple moving average currently around 76.44 level and are expected to rise from these levels towards immediate resistances placed at its recent swing highs near 77.30 and 77.50 levels. On the lower side immediate supports are placed around 76.45 and 76.05 levels. Action: Buy.


GBPINR: GBPINR futures opened slightly higher with gap in the last session and prices corrected for most of the session till low of 86.65. Prices recovered strongly around closing hour and closed near day’s high of 87.22. Prices have been rising strongly after taking support at its 20 days simple moving average currently around 86.04 level. Prices are expected to rise further from these levels towards immediate resistance placed around 87.95 level. Action: Buy.


JPYINR:
JPYINR futures opened lower with gap in the last session and prices corrected further for the whole session till low of 57.15. Prices have been correcting sharply since last few sessions after making a high of 58.32 in the previous week and are expected to correct further from these levels towards immediate support placed around its recent bottom of 56.75 level. Action: Sell.

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