USDINR: Sell on rise around 64.75 with strict stop loss at 65.00 | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: As expected the USDINR witnessed resistance at higher levels and slipped lower till 64.28 after making high of 64.57 and finally ended at 64.40. The key downward slanting trend line resistance around 64.76 is still intact and surpass above that will only provided bullishness in the pair thus we continue to recommend selling on rise around 64.75 with strict stop loss at 65.00. Action: Sell.
EURINR: During yesterday’s session EURINR witnessed further fall and settled near the day’s low of 78.89. Pair is likely to extend further till the supports of 78.30 and may recovery from the same. Thus, we recommend buying on dips around 78.30 for upside targets of 79.20 for today’s session. Action: Buy.
GBPINR: On Thursday, GBPINR witnessed minor fall and declined till 89.24 in the initial hours. In the second half it slowly recovered and finally ended on a flat note at 89.54 forming doji candle stick pattern. The immediate key support is at 88.80 and we could notice further dip till these levels before rebounding. Thus we recommend buying on dips around 89.00 levels for the day. Action: Sell.
JPYINR: On Thursday, JPYINR pair remained slightly lower and ended at 58.78 losing 0.50%. Pair which breached the immediate trend line support in the intraday, but managed to settle above that by the end. As the major momentum indicators are still on the positive note we expect the pair to rebound till the immediate high resistance of 59.55 and recommend buying on dips around 58.70 levels for the day. Action: Buy.
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