USDINR: Buy on dips | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: In line with the expectation USDINR pair opened with a gap up at 63.81 and rose till the high of 63.9950 but it failed to sustain and ended 63.82. Pair has finally made convincing close above the trend line and now the immediate supports are at 63.70 then 63.40 levels. Ahead, the pair is likely to extend its gains further till the 64.20 then 64.42 levels. Thus, we recommend buying on dips near the above mentioned supports of 63.70 for upside targets of 64.20 then 64.42 for the day. Action: Buy.
EURINR: In line with the expectation EURINR pair extended its gains and surged higher after taking the supports at 79.00 and ended at 79.41. Now the next resistance is at 80.08 and we expect the pair will continue to remain firm as major indicators are supporting the bullish momentum. Thus, we advise buying around on minor dips around 79.24 for targets of 79.80 for the day. Action: Buy.
GBPINR: After opening at 89.80 GBPINR pair penetrated the immediate support of 89.75 and tumbled till the low of 89.52. But in the second half it reversed back sharply and extended till 90.77 and finally ended at 90.13. Although the pair moved above the trend line, but it failing to settle above that is indicating a minor dip till the supports of 89.60 and therefore we recommend buying around these support levels for upside targets of 90.45 for the day. Action: Buy.
JPYINR: In line with expectation the JPYINR pair extended its gains and surged till the high of 58.92 and ended at 58.86. For the day the immediate support is at 58.78 and as mentioned in the previous report the pair is likely to extend further till the swing high of 59.60. Thus we continue to recommend buying on dips around 58.75 for intraday targets of 59.00 then 59.30 for the day. Action: Buy.
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