USDINR: Buy on dips near the immediate support of 64.00 levels | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: In line with expectation USDINR pair rebounded sharply after retesting the low of 63.72 and ended almost near the day’ s high of 64.13. Pair has given clear break out of the immediate trend line and now next resistance is at 64.28 then 64.60 levels. Hence, we continue to recommend buying dips near the immediate support of 64.00 levels for above mentioned targets of 64.28 for the day. Action: Buy.
EURINR: After opening at 79.40 EURINR pair dipped till the low of 79.21 and reclaimed higher till 79.98 and ended at 79.82. Pair almost heading towards the resistance of 80.08 and if surpass that, then further move can be seen till 61.8% retracement level of 82.80 in coming sessions. Thus for the day, 80.08 holds as key resistance and penetrate above that will extend till 80.69 levels on immediate basis. Thus we recommend buying on break of 80.10 for upside targets of 80.50 then 80.60 levels. Action: Buy.
GBPINR: On Thursday, GBPINR pair witnessed sharp bounce and rose till the high of 91.45 by penetrating the immediate high of 90.94 and as well as the downward slating trend line and finally ended at 91.31. Pair breaching the resistance has given fresh break out and now the next resistance is at 91.66 then 93.50 of 50% retracement level. For the day, support is around 90.94 of the previous high and we recommend buying around these supports for targets of 91.66 for the day. Action: Buy.
JPYINR: As expected JPYINR pair failed to surpass the resistance of 58.80 and made sharp correction till 58.30 and rebounded back to end at 58.52. The pair has ended forming doji candle stick pattern and the trend line support is around 58.30 levels. As pair has closed with indecisive pattern we expect pair could once again retest the supports of 58.30 before inching higher and thus we recommend buying on dips around 58.35 levels for the day. Action: Buy.
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