USDINR: Expect a sharp re-bounce in coming sessions; Buy at current levels | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: USDINR pair declined sharply during yesterday’s session by breaching the trend line and tumbled till the double top support and finally ended at 65.21. As pair is trading near the key supports, we expect a sharp re-bounce in coming sessions and recommend buying at current levels of 65.20 for targets of 65.45 the 65.62. Action: Buy.
EURINR: After experiencing continuous rise for last few months EURINR pair finally gave break down of the rising trend line support and settled below that on Wednesday. Pair has made bearish break down and therefore it is likely to remain under pressure and recommend selling around 77.02 for the down targets of 76.55 then 76.20. Action: Sell.
GBPINR: After continuous rise GBPINR pair breached the trend line support of and tumbled till the low of 86.60 and finally ended at 86.68. On the daily chart pair has given a bearish break down and on the immediate basis the support is at 86.57, break below that will extend further till 85.18 levels. Thus, for the day we advise selling on break of 86.57 with stop loss at 86.75. Action: Sell.
JPYINR: After opening at 58.26 JPYINR pair inched till high of 58.37 and in the second half it made sharp turn around and finally ended almost near the day’s low of 58.06. The pair shas made bearish break down and the next supports are seen at 57.85 then 57.71. Hence selling can be initiated on minor pull backs around 58.17 for given targets. Action: Sell
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