USDINR: Buy around 64.95 for targets of 65.25 and higher | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: On Wednesday, in the initial hours USDINR pair surged till the immediate swing high of 65.32, but it failed to surpass that and declined lower and finally ended at 65.11. Ahead, the correction is likely to extend further till the trend line support of 64.95. Therefore, we expect pair to test and rebound from the supports and advice buying around 64.95 for targets of 65.25 and higher. Action: Buy.
EURINR: As expected, EURINR pair reverted back sharply after testing the trend line resistance and ended at 75.62 forming inverted doji candle stick pattern. Ahead, the pair is likely to continue its downward move till the supports 75.40 then 75.20. Hence, we continue to advise selling around 75.70 levels. Action: Sell.
GBPINR: After retesting trend channel resistance GBPINR pair witnessed sharp fall and ended almost near the day low at 85.53. Currently pair is just ended near the immediate support of 85.50. Break down below that will extend the fall till the 84.70 and lower. Thus we recommend selling on break of 85.50 for targets of 85.00 then 84.70. Action: Sell.
JPYINR: As expected JPYINR pair extended its gains and headed exactly till the trending resistance of 57.47 and finally closed at 57.35. Ahead, the above mentioned trend line resistance of 57.17 hold as key resistance and break out that will only provide further bullish move. Fail to surpass the trend line will bring down the pair till the support of 56.96. So, we advise buying on corrections around 57.00 levels for the day. Action: Buy
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