Sell USDINR: Prices expected to correct further | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: USDINR futures opened higher in the last session and prices consolidated for first half of session in the range of 65.13-65.23 levels. Later prices corrected sharply for the remaining session till low of 64.90. Prices have taken strong resistance around 65.20 level and are expected to correct further from these levels towards next strong support placed around 61.8% Fibonacci retracement of its rally from low of 63.74 till high of 66.12, which is placed at 64.65 level Action: Sell.


EURINR futures opened flat in the last session and prices consolidated for first half of session in the range of 76.60-76.73 levels. Later prices corrected sharply for the remaining session till low of 76.46. Prices have broken down from its descending triangle chart pattern and are expected to correct further from these levels towards next support placed around 23.6% Fibonacci retracement of its rally from low of 68.21 till high of 78.29, which is placed at 75.90 level. Action: Sell.


GBPINR:
GBPINR futures opened sharply lower in the last session and prices fell further for first half of the session till low of 85.45. Later prices recovered strongly for the remaining session and closed around 86.06 level. Prices have been taking strong support around its previous rising trend line break out level and closed above the same for the last few sessions. Prices are expected to rise from these levels towards immediate resistance placed around 86.60 level. Action: Buy.


JPYINR: JPYINR futures opened flat in the last session and prices consolidated for first half of session in the range of 57.20-57.35 levels. Later prices fell sharply for the remaining session till low of 56.88. Prices have broken down and closed below its previous swing low of 57.26 level. Prices are expected to fall further from these levels towards next support placed around its previous bottom near 56.50 level. Action: Sell

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