USDINR: Buy with strict stop loss at 64.70 levels | Outlook on currencies | Investment Idea | Indianotes.com


USDINR: After opening with a gap down at 64.84 USDINR tumbled till the previous low supports of 64.73, but later on it recovered and finally ended at 65.07. The key support for the day is around 64.70, break down below that will shift to bearish. Thus, we recommend buying for the day with strict stop loss at 64.70 levels. Action: Buy.


EURINR: On Friday, EURINR pair opened with a sharp fall and tumbled the low of 76.39. In the later on it recovered from the lows and finally ended with marginal loss at 76.87. According, the trend line the support is at 75.90 and the pair is likely rebound once again from these supports thus we recommend buying on dips at 76.10. Action: Buy.


GBPINR:
For the whole week, GBPINR pair continued quote within the sideways range and ended at 85.86. The pair has once again failed to surpass the resistance of 86.40 and settled below that. Break out of 86.40 will only confirm the bullish breakout. While, as long as it holds below that the trend remain subdued. Action: Buy.


JPYINR:
On Friday, JPYINR pair opened at 57.71 and tumbled till the low of 57.46 and recovered sharply in the second half and ended at 57.84. The pair closing above the support is indicating strong buying pressure at lower levels and thus we recommend buying around 57.65 for upside targets of 58.00 then 58.20 levels for the day. Action: Buy

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