USDINR: Buy around 65.05; Upside potential remains intact | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: As expected USDINR exactly retested the trend line support of 64.99 in the initial hours and rebounded back from the supports and ended at 65.07. Ahead, as long as USDINR pair holds above 64.90 the upside potential remains intact and will re-bounce till the immediate resistance of 65.35. So we recommend buying at 65.05 for targets of 65.35 then 65.60. Action: Buy.
EURINR: After retesting the immediate support of 75.43, EURINR pair surged back sharply and ended at 75.74. Pair has once again ended almost near the trend line resistance and ahead, break out of the trend line will provide bullish break out. While fail to surpass will once again draw down the pair till 75.40 then 75.10 levels. Action: Sell.
GBPINR: On Thursday, GBPINR pair extended its fall and tumbled till the low of 85.22 and finally ended at 85.37. The trend is still look down ward as pair is moving within the falling trend channel. So, we continue to recommend selling around 85.40 for down side targets of 84.97 the 84.70. Action: Sell.
JPYINR: On Thursday, JPYINR pair reverted back sharply after opening at 57.19 and ended at 57.42. Pair has settled just below the trend line resistance and ahead surpass above that will confirm the bullish breakout. Thus, for the day we recommend buying on break of 57.45 for targets of 57.75 then 57.90. Action: Buy
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