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USDINR: Buy above 64.30 with SL at 63.75 - IndiaNotes.com
USDINR: Buy above 64.30 with SL at 63.75
Way2wealth | Published: 04 Sep, 2017  | Source : IndiaNotes.com

Technical View:

 

USDINR: In the previous week, USDINR September contract once again retested the key support of 50% retracement level and bounced back from the low of 63.81 and finally ended at 64.19.


- As stated above, the pair is reverting from the key supports making double bottom and on the high side, it surpassed the downward slanting trend line resistance. Going ahead, next resistance is at 64.30 and breach of that will provide further bullishness and extend the pair till 65.05.


- The momentum indicators, RSI and MACD are on the positive note indicating bullish strength.


- For the week, if the pair penetrates above 64.30 then we expect it to head till 65.05 and 65.50 levels. Therefore, we recommend buying above 64.30 with stop loss at 63.75.


Action: Buy.

    

EURINR: Last week, EURINR pair rebounded sharply after taking the trend line supports and rose till the high of 77.49 and finally ended at 76.54.


- The pair is trading within the rising wedge pattern and on the higher side will see resistance of previous high i.e. 77.94. Surpass above that will extend the pair till the next resistance of 50% retracement level of 79.48 in coming sessions. While for the week, the immediate support is at 76.19 then 75.80 levels.


- The momentum indicator RSI has crossed over bought zone territory and the stochastic oscillator has made bearish cross over on weekly charts.


- Hence from the above analysis, previous high of 77.94 holds key resistance. Surpass above that will confirm strong bullish breakout. If it fails to penetrate 77.94 then a correction can be seen till 76.00 and lower. However, breakdown of 75.70 will only change the outlook to bearish.


Action: Buy.

 

GBPINR: As expected, GBPINR pair rebounded after witnessing supports around 61.8% retracement level and ended 83.10 mark gaining 1.16%.


- Although, the pair penetrated the trend line resistance, but it settled just below that on weekly basis. Going forward, 83.45 is key immediate resistance and as long as it holds below that the trend remains downward. For the week, supports are seen at 82.20 then 81.70.


- The momentum indicator RSI and MACD are on the mix note.


- As mentioned above, 83.45 will be key resistance for the week and fail to surpass that will once again drawdown the pair till the supports of 82.20 then 81.70. Thus, we advise selling on rise around 83.45 levels for the week.


Action: Sell

 

JPYINR: In the last week, JPYINR pair opened at 58.60 and surged till the high of 58.60 and from there it sharply declined and finally ended at 59.31.


- The pair has once again failed to surpass the key resistance of 59.16 in the last week and tumbled lower by breached the trend line support. For the week, the support is at 57.65, close below that will extend the pair till the previous low of 56.53.


- For the week, JPYINR pair is likely to trade lower and will tumble till the supports of 57.65. Breakdown below 57.65 will dip further till 56.50. Therefore, we recommend selling around 58.50 for above mentioned targets.


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.