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Buy USDINR: Prices are expected to rise towards 65.60 level - IndiaNotes.com
Buy USDINR: Prices are expected to rise towards 65.60 level
Way2wealth | Published: 24 Oct, 2017  | Source : IndiaNotes.com

USDINR: USDINR futures opened higher with gap in the last session and prices corrected for most of session till low of 65.02. Prices have broken out from its short term declining trend line after a bounce from strong support near 61.8% Fibonacci retracement of its rally from low of 63.74 till high of 66.12, which is placed around 64.65 level. Prices are expected to rise from these levels towards next strong resistance placed around its previous swing high of 65.60 level. Action: Buy.


EURINR:
EURINR futures opened sharply lower with gap in the last session and prices corrected further for the whole session till low of 76.38 level. Prices have broken down from its descending triangle chart pattern in the previous session and are expected to correct further from these levels towards next support placed around 23.6% Fibonacci retracement of its rally from low of 68.21 till high of 78.29, which is placed around 75.90 level. Action: Sell.


GBPINR:
GBPINR futures opened higher with gap in the last session and prices corrected gradually for the whole session till low of 85.60. Prices have been consolidating in a range of 85.70-86.05 levels in the previous few sessions and taken strong support at its rising trend line break out level currently placed around 85.60 level. Prices are expected to rise from these levels towards immediate resistances placed around 86.40 and 86.60 levels. Action: Buy.


JPYINR: JPYINR futures opened sharply lower with gap in the last session and prices corrected further for the whole session till low of 57.12. Prices have been correcting since last few weeks and touched its immediate support placed around 78.6% Fibonacci retracement of its rally from low of 56.54 till high of 59.56, which is placed at 57.18 level. Prices are expected to hold this support level and bounce towards immediate resistance placed around 57.90 level. Action: Buy

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