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Sell USDINR: Immediate strong resistances are placed around 64.80 and 65.10 levels - IndiaNotes.com
Sell USDINR: Immediate strong resistances are placed around 64.80 and 65.10 levels
Way2wealth | Published: 20 Apr, 2017  | Source : IndiaNotes.com

Technical View:


USDINR:
USDINR futures initially rose in the first half of the last week and prices moved up till its short term declining trend line resistance on the shorter duration chart and subsequently fell towards its previous weeks low around 64.30 level.


- Prices have been trading in a steep downward moving channel visible on the daily chart and are approaching towards its next strong support placed around 63.75 level which comes around its 61.8% Fibonacci retracement of rally from 58.33 to 69.22 level.


- For the short term if prices sustain below 64.30 level then 63.75 level is likely to be touched within a week.


- Immediate strong resistances are placed around 64.80 and 65.10 levels.


Action:
Sell.

   

EURINR: EURINR futures opened the last week lower with gap and prices continued to recover gradually for the whole week and closed around 68.70 level.


- Previously prices have fallen sharply in the last two weeks and broken the strong support of its previous swing low placed around 68.88 level.


- Price have been moving in a strong downward trend after breaking down from its medium term rising trend line which prompted to follow its primary trend.


- Prices are expected to remain bearish for the short to medium term towards next major support placed around its last few years bottom placed at 65.96 level.


Action:
Sell.


GBPINR:
Last week GBPINR futures opened with negative gap but prices recovered gradually for the whole week and finally it closed around 80.95 level.


- In the medium term prices have been trading in a downward moving channel and tested its resistance and support lines for the multiple times.


- Recently prices have taken support around 79.75 level twice and made a potential double bottom chart pattern for the short term.


- Prices are expected to fall further if break below 79.75 level towards next major support placed around its 78.6% Fibonacci retracement of its entire rally from 65.33 to 108 level.


- Immediate resistance is placed at its declining trend line currently around 81.00 level.


Action: Sell

 

JPYINR: JPYINR futures rose strongly in the last week despite opening lower in the first session. Prices opened higher for the two consecutive sessions and broke out from its short term declining trend line on the daily chart.


- Prices have made a bullish engulfing candle stick pattern on the weekly chart which is suggesting a strong trend reversal is expected in the pair from current levels.


- Prices have also taken support around its previous bottom level of 57.33 but were not able to close below the same even after breaking down in an intraday session.


- Prices are expected to rise further from these levels towards next strong resistances placed around its previous swing highs near 59.80 and 60.70 levels.


 Action: Buy.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.