USDINR: Sell around 65.60 | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: On Tuesday, USDINR pair extended its gains and retested the trend line resistance of 65.67 and ended at 65.54. Pair has failed to trend line resistance and ended just below that. Ahead break of that will provide a fresh bullish break out and fail to surpass will draw down the pair till the supports of 65.35 then 65.20 levels. So we continue to advise selling around 65.60 for targets of 65.35 then 65.20 levels. Action: Sell.
EURINR: On Tuesday, EURINR witnessed massive surge and ended at 76.84 gaining 0.58%. Pair opening above the trend line resistance has shifted the outlook to bullish and now the previous resistance trend line will work as key support. Now the supports are seen at 76.51 then 76.25 while the resistance are at 77.12 then 77.40 levels. For the day, we expect pair could witness minor corrections till the supports of 76.55 and we advise buying on these corrections for the targets of 77.00. Action: Buy.
GBPINR: On Tuesday, GBPINR continue to trade within the narrow range and ended on a flat note at 85.84. Pair is witnessing stiff resistance around 86.25 and support is seen at 85.24 mark. We expect the GBPINR to trade within this band of 85.24 – 86.25 and hence we recommend selling around 85.95 with strict stop loss at 86.30 mark for downside targets of 85.30. Action: Sell.
JPYINR: As expect JPYINR pair witnessed minor corrections in yesterday’s session and dipped the low of 57.55 and finally ended at 57.66. The trend is look to firm and we advise buying on dips around supports of 57.30 for the targets of 57.90 then 58.20. Action: Buy
Click here to read the full report