USDINR: Sell on rise around the resistance of 64.75 | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: On Tuesday, USDINR opened with a gap up at 64.56 and surged till the high of 64.64, and there after it slipped sharply lower till 64.26 and ended at 64.41. Although the pair is moving higher, it is failing sustain at higher levels. Ahead, it is likely to extend till the key trend line resistance of 64.75 and if it fails to surpass that, will bring down till the supports of 64.25 then 64.00 levels. Therefore, we recommend selling on rise around the resistance of 64.75 for the targets of 64.26. Action: Sell.
EURINR: In line with expectation EURINR pair slipped lower till the trend line support of 79.75 and ended at 79.97. Pair has just ended above the trend line support. Break down below the trend line will provide correction till the supports of 79.00. Thus, we recommend selling on break of 79.70 for given targets of 79.00 for the day. Action: Sell.
GBPINR: The GBPINR pair extended its fall for the third straight session and ended at 89.99. The pair penetrating the immediate trend line support is indicating further correction till next support of 88.90. Hence, we expect advice selling on rise 90.15 for intraday targets of 89.40 and lower. Action: Sell.
JPYINR: In line with expectation JPYINR witnessed a massive opening on Tuesday and almost tested a previous swing high of 59.54 and finally ended at 59.07. The immediate support for the day is at 58.94 and we could see pair rebound from these support till the yesterday’s high of 59.54 and surpass above that will further surge till 60.60 levels in coming sessions. Therefore, we advise buying on dips around 59.00 for above mentioned targets of 59.50 and higher. Action: Buy.
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