USDINR: Buy on break of 64.65 | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: On Wednesday, USDINR pair extended its losses and dipped till the low of 64.44 and finally ended at 64.51. The major momentum indicators have slipped into oversold zone territory and are signifying lesser scope on the downside. However, on the higher side immediate resistance is at 64.65, surpass above that will provide a bullish break out. So we recommend buying on break of 64.65 for targets of 65.00 then 65.20. Action: Buy.
EURINR: On Wednesday, EURINR pair witnessed a massive decline and ended almost near the day’s low of 76.48. Now, according to the immediate trend line the support is at 76.30, 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: GBPINR pair reverted back sharply and head till the immediate resistance of 86.52 and settled at the edge of the same. Ahead, a convincing break out of 86.60 will confirm the bullish break out of Head and shoulder pattern. So, for the day we advise buying on a break of 86.60 for targets of 87.12 then 87.30 levels. Action: Buy.
JPYINR: As expected JPYINR pair remained lower and ended at 57.86 losing 0.40%. The pair has exactly opened below the trend line and ahead the pair is likely extended the downward move till the next supports of 57.65 then 57.40 levels. Therefore, we continue to remain short for the day. Action: Sell.
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