USDINR: Buy around 64.65 for the day| Outlook on currencies | Investment Idea | Indianotes.com
USDINR: On Monday USDINR December contract pair remained volatile and traded in the broad range of 64.69 – 65.04 and finally ended at 64.72. Currently prices are moving towards the neckline supports of ascending triangle pattern and break down below that will extend the pair till the key trend line supports of 64.65 levels. Ahead, we expect pair to rebound after testing these support levels. Thus, we recommend buying around 64.65 for the day. Action: Buy.
EURINR: On Monday, EURINR December contract pair opened with huge gap up at 77.39 and spiked up till the high of 77.61. But the pair fails to sustain at the higher levels and finally ended at 77.31. According to the trend line the resistance is at 77.82. Surpass pass above that will confirm the bullish break out Inverted H&S pattern. However, for the day we expect pair to witness selling pressure around the resistance of 77.80 levels and advise selling on rise, near the mentioned levels of 77.80. Action: Sell.
GBPINR: For last few sessions, GBPINR December contract pair has been consolidating in the narrow range and is continuously failed to support the resistance of 86.80. SO going forward, break out of 86.80 will only provide fresh bullish break out. Hence we recommend buying on break of 86.80 for targets of 87.37 and higher. Action: Buy.
JPYINR: For the third straight session the JPYINR December contract pair traded on a lower note and declined till the trend line supports and settled on the edge of the line. Ahead, break down below 58.15 will confirm the bearish break down will manage to hold above that will continue the bull rally. Therefore, we recommend selling on break of 58.15 for downside targets of 57.90 then 57.70. Action: Sell.
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