USDINR: Sell around 64.25 for downside targets of 63.66 for the day | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: After witnessing resistance around 64.60, USDINR pair is slowly deckling from the highs and on Wednesday, it tumbled till the low of 64.13 and ended at 64.19. The pair has penetrated the immediate trend line and thus next supports are seen at 64.06 then 63.66 levels. Therefore, we recommend selling around 64.25 for downside targets of 63.66 for the day. Action: Sell.
EURINR: EAfter opening with a gap up at 79.46, EURINR pair made high of 79.65 and from there it gradually traded lower and end almost near the day’s low of 79.28. Ahead, the pair is likely to cover the gap in today’s session and if it manages to sustain above that then it will once again start moving towards the upside levels of 80.00 then 80.50 levels. Thus, we recommend buying on dips around 79.16 for upside targets of 80.00. Action: Buy.
GBPINR: On Wednesday, GBPINR pair witnessed a sharp fall and tumbled till the low of 88.91. The immediate key support is at 88.55 levels and the pair is likely to come till these supports in coming sessions and thus we recommend buying on dips around the supports of 88.65 levels for the day. Action: Buy.
JPYINR: On Wednesday, JPYINR pair opened with huge gap up by breaching the swing high of 59.56 and surged till the high of 60.55 levels. But the pair failed to sustain till the ended and finally ended at 59.79. Ahead, the pair could retest the swing high supports of 59.56 and will rebound from the same. Thus, we advise buying around 59.60 levels for the day. Action: Buy.
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