USDINR: Buy on break of 65.35 | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: On Friday USDINR inched higher sharply till 65.33 and ended at 65.30. Pair has formed inverted head and shoulder pattern formation in daily chart. A break out of the neckline resistance of 65.35 will confirm bullish break out. So, for the day we recommend buying on break of 65.35 for targets of 65.70 then 65.90 levels. Action: Buy.


EURINR: On Friday, EURINR pair extended its gains and rose till the high of 76.15 and finally ended at 76.12. As per the trend line, resistance is at 76.34 and we expect pair to revert back from these resistances as the overall outlook still remains downward. Therefore, we recommend selling around 76.35 for downside targets of 75.70 for day. Action: Sell.


GBPINR: After today of straight fall GBPINR pair rebounded back on Friday and ended at 85.90. Pair is rebounding from the neckline support of ascending triangle pattern. Ahead, pair is likely to extend till the immediate trend line resistance of 86.20 surpass above that will extend till 86.70 levels. Action: Buy.


JPYINR:
On Friday, JPYINR pair continued its gaining streak and headed till the immediate swing high of 57.61 and ended just below that. Ahead, breach of 57.61 will provide further sharp rise till 57.90 then 58.10 levels. While fail to surpass will draw down the pair till supports of 57.30 levels. Therefore, we recommend buying on dips around 57.30 for targets of 57.90 for the day. Action: Buy

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