USDINR: Strong support at lower levels; Buy around 64.44 | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: After opening at 64.53 USDINR pair tumbled till the low of 64.39 and from there it reclaimed in the second half and ended at 64.56 forming doji candlestick pattern. The pair which is witnessing huge buying pressure at lower levels is signifying strong support at lower levels. Therefore we recommend buying around 64.44 levels for targets of 64.82 then 65.00 levels. Action: Buy.
EURINR: On Tuesday, EURINR pair retested the trend line supports and rose higher and finally ended at 76.70 gaining 0.16%. On the daily chart, the pair is rebounding from the triangle pattern supports and ahead it is likely surge till the triangle pattern resistance of 77.15 levels. Therefore, we recommend buying around 76.60 for above mentioned targets. Action: Buy.
GBPINR: In yesterday’s session GBPINR tumble till the low of 86.42 and in the later on it once again reclaimed higher and ended above the neckline of an inverse head and shoulder pattern. According to the pattern the trend is likely remained positive, so we advise buying around 86.50 for upside targets of 87.20 with stop loss at 86.20. Action: Buy.
JPYINR: After seven sessions of straight fall JPYINR pair recovered slightly during yesterday’s session and ended at 57.47. The overall trend is still bearish and however, we could see pair recovering further till the immediate resistance of 57.60 levels and thus we recommend selling on rise around 57.60 for downside targets of 57.08 for the short term. Action: Sell.
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