USDINR: Buy on break of 64.64 levels | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: As expected USDINR pair opened slightly higher on Thursday and edged till the high of 64.80, but by the ended crawl down lower and ended at 64.64. Pair has breached the immediate trend line resistance and therefore we expect the pair will continue to move higher towards 64.99 then 65.20 levels. Therefore, we continue to recommend buying around of 64.64 levels for targets of 65.00 then 65.20. Action: Buy.


EURINR:
After opening with minor gap up at 76.73 EURINR pair once again slipped lower and finally ended at 76.59. The pair closed above the immediate trend line resistance and break down below that will once again shift the pair into bearish. Thus, we recommend selling on break of 76.30 for downside targets of 75.80 then 75.60 levels. Action: Sell.


GBPINR:
On Thursday, GBPINR opened with huge gap up and rose till the high of 87.31 but in the later half slowly slide lower and ended at 86.98. The pair has given bullish break out of Head and shoulder pattern. So, ahead, we could pair retracting near the supports of 86.65 and may rebound from the same. Hence we recommend buying on dips around 86.60 for targets of 87.12 then 87.30 levels. Action: Buy.


JPYINR: As expected JPYINR pair extended its losses and ended at 57.86 losing 0.47%. Now the next supports according to the retracement levels are at 57.60 then 57.30 levels, we expect pair will continue to move down ward and thus we recommend selling on rise. Action: Sell.

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