Weekly Currency Report: USDINR: Buy at 64.90 at stop loss of 64.30 | Outlook on currencies | Investment Idea | Indianotes.com


After two weeks of straight up move, USDINR pair remained volatile in the last week and started the week at 65.35. From there it tumbled till the low of 65.01 and by the ended it reclaimed higher and finally ended at 65.29

The pair is witnessing immediate resistance around 65.50 of 38.2% retracement mark, surpass above that will provide further up move till 50% retracement of 66.10. However, the immediate supports are seen at 64.90 then 64.50 levels.

The momentum indicator RSI has remained on a flattish note and the stochastic is still the positive indicating bullish sgins.

However, the pair is forming hanging man candle stick formation on a weekly basis and is likely to provide minor correction till the supports of 64.90 and thus we advise buying on dips around these levels for targets of 65.50 then 66.10 levels.

Action: Buy.


After two weeks of minor correction last week EURINR pair opened higher at 80.00 and surged till the high of 81.05 and in the final session it witnessed a sharp correction and finally closed at 80.35.

The pair has penetrated the previous highs as well as the neckline resistance of an ascending triangle pattern in the initial day, but it finally settled just below that forming bullish hammer candlestick pattern. Therefore, the previous high of 80.60 hold as immediate resistance and once again surpass above that will provide a clear bullish break out for upside targets of 82.60 levels.

The momentum indicator RSI has slightly recovered from the lows, but the stochastic is still on the negative note.

Thus, for the week, surpass above 80.60 will provide a fresh bullish break out and thus we advise buying above 80.60 for targets of 81.70 then 82.50.

Action: Buy.


After penultimate week’s sharp correction, GBPINR pair recovered slightly during last week and climbed till the high of 90.68 and finally ended at 90.25.

The pair has exactly retested the trend line resistance and ended slightly below that. Hence, the trend line resistance of 90.70 will hold as immediate resistance and could provide correction till the immediate support of 89.30 then 88.60 levels.

The momentum indicator RSI has been on a flat note and while the stochastic has made a negative cross over.

Hence, if GBPINR pair holds below the trend line the pair will continue to remain under pressure and thus we recommend selling on minor pullbacks around 90.50 for targets of 89.30 then 88.60.

Action: Sell


In the last week, JPYINR pair opened the week with huge gap up at 61.84 and from there it started correcting and ended almost near the lowest level at 61.19.

The pair is trading along with the rising trend line and according to that the immediate support is at 61.00 mark break down below that will provide sharp correction till the channel supports of 59.60 and lower.

The momentum indicator RSI has moved into overbought zone and has slipped slight lower from the highs. The stochastic has also made a negative cross over and indicating bearish signs.

Thus, for the week, the immediate support is at 61.00 mark break down below that will extend the fall till 59.60 and lower. Therefore, we recommend selling on break of 61.00 for the week

Action: Sell
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