USDINR: Initiate short positions for the day | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: On Wednesday, USDINR pair opened with a gap down at 64.31 and tumbled till the low of 64.20. In the second half it recouped from the low and finally ended at 64.44. As mentioned the prior report the down ward slanting trend line resistance is around 64.75 and this is likely witness as stiff resistance and thus pull back towards these levels can be utilized for initiating short positions for the day. Action: Sell.
EURINR: In line with expectation, EURINR pair breached the immediate trend line support and declined till the low of 79.51 and ended at 79.65. The pair has given bearish break down. Hence, the trend is likely to remain lower and advise selling around 79.70 levels for next supports of 79.16 then 79.02. Action: Sell.
GBPINR: GBPINR pair witnessed further fall during yesterday’s session and ended almost near the day’s low of 89.46. The next support is seen 88.65 and we could notice pair slowly slipping lower till the supports of 88.60 gradually. Hence we advise selling around 89.50 for intraday targets of 89.00 mark. Action: Sell.
JPYINR: On Wednesday, JPYINR pair opened with a gap down near the supports of 58.81 and from there it gradually inched higher and finally ended almost near the day’s high of 59.10. The pair clearly given bullish break out the trend channel and is exactly reverting back from the channel supports. Hence, we expect JPYINR pair to extend its gain till the recent high of 59.56 then 59.80 levels for the day. Action: Buy.
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