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Sell USDINR: Strong resistances are placed around 64.80 and 65.10 levels - IndiaNotes.com
Sell USDINR: Strong resistances are placed around 64.80 and 65.10 levels
Way2wealth | Published: 17 May, 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 daily chart and subsequently fell towards its previous weeks low around 64.25 level.


- Prices have been consolidating since last few weeks in the narrow range of 64.20-64.80 levels. Strong support is placed around 63.77 level which comes around its 50% Fibonacci retracement of the 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 this week.


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


Action: Sell.

   

EURINR: EURINR futures opened the last week lower and prices continued to fall gradually for the whole week and closed around 70.15 level.


- Prices have fallen sharply after taking strong resistance around its upper declining trend line of the downward moving channel currently placed around 71.00 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 supports placed around 69.25 and 68.20 levels


Action: Sell.


GBPINR: GBPINR futures opened slightly higher in the last week and prices rose for half of the week till high of 83.89 and later corrected for the remaining week and closed around 82.90 level.


- Prices have corrected for the first time in the last five weeks and broken the strong support of its rising trend line on the daily chart.


- Prices are expected to correct further from these levels if break below 82.70 level towards next major support around its neckline of the double bottom chart pattern placed at 82.10 level.


- Immediate resistance is placed around 83.20 level and further around its declining trend line currently placed at 84.00 level.


Action: Sell

 

JPYINR: JPYINR futures fell sharply in the last week after breaking down from its multiple bottoms support level placed around 57.00. Prices have also broken down from its short term declining trend line.


- Prices have almost retested its previous top breakout level placed at 56.40 level and consolidated near the same for the last session.


- Prices are expected to fall further from these levels towards next strong support placed around its previous swing low near 55.95 level.


- On the higher side immediate resistances are placed around its multiple bottom levels near 57.10 and further at its last 2 weeks high of 57.73 level.


Action: Sell.

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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.