USDINR: Likely trade upwards; Continue to remain long | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: In line with expectation USDINR inched higher from the supports and rose till 64.69 and finally ended at 64.65 mark. As mentioned in the previous report the immediate support is at 64.40 and as long as it holds above that the pair is likely trade upwards. Hence, we continue to remain long for the targets of 64.84 then 65.20. Action: Buy.
EURINR: On Wednesday, EURINR opened with slight gap down below the immediate trend line support and dipped till the low of 76.42 and finally ended at 76.51. Pair giving break down of the triangle pattern is indicating bearish signs and next immediate support is at 76.41 below that pair is likely extend till 76.00 and lower. Action: Sell.
GBPINR: GBPINR extended its losses and once gain dipped till the low of 86.44 and reclaimed slightly and ended at 86.53. The pair is still holding above neckline supports and as long it holds above that the upside potential remains intact and thus we recommend buying around 86.50 for with stop loss at 86.20. Action: Buy.
JPYINR: As expected, JPYINR pair rebounded higher till the resistance of 57.73 and ended at 57.67. The pair has almost come up till the immediate resistance and ahead we expect the pair to once again trade lower from here and advice recommend selling around 57.70 for the targets of 57.40 and lower. Action: Sell.
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