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USDINR: Buy around 64.09 with SL placed below 63.50 - IndiaNotes.com
USDINR: Buy around 64.09 with SL placed below 63.50
Way2wealth | Published: 11 Sep, 2017  | Source : IndiaNotes.com

Technical View:

 

USDINR: USDINR pair started the week at 64.09 surged till high of 64.41 and thereafter it slowly corrected from the highs and end almost near the low of the week at 63.92.


- In the last week pair tested the trend line support and ended with a bearish candlestick pattern. The crucial support is around 63.68 which is 50% retracement mark and break below that will once again turn the outlook to bearish and extend the downmove towards 61.8% retracement of 62.40. On the contrary, if the pair manages to hold above 63.68 then a sharp recovery will be seen till 64.30 then 64.80 levels.


- Momentum indicator stochastic oscillator has made a negative cross over and the RSI slipped slightly lower till 34 from 38 indicating weak momentum.


- Thus, for the week, we advise buying around the supports of 63.90 with strict stop loss below 63.50.


Action: Buy.

    

EURINR: For the second straight week EURINR pair extended its gains and rose till the high of 77.38 and finally settled at 77.12.


- As mentioned in the prior week, the pair is moving along within the rising trend channel and on the higher side the key resistance of previous high is at 77.94, Surpass above that will provide a bullish breakout and extend the pair till the next resistance of 78.48 then 80.20. On down side, the supports are seen at 76.44 then 76.10.


- The momentum indicator RSI has surged till the 74 mark and stochastic oscillator is about to make positive crossover is indicating bullish strength.


- For the week, we expect EURINR pair to remain firm and extend till the previous high of 77.94 then 80.20. Therefore, we advise buying on dips around supports of 76.60 for the targets of 77.90 then 80.20.


Action: Buy.

 

GBPINR: During the previous week, GBPINR pair opened at 83.05 and from there is gradually traded higher and finally ended near the weeks high of 84.38.


- The pair has formed inverted head and shoulder pattern and is moving towards the neckline resistance of same at 84.85. A convincing breach of neckline will confirm the bullish break out and turn pair in to positive note. On the other hand supports are seen at 83.40 then 82.20.


- The momentum indicator Stochastic is making positive crossover on weekly chart and the RSI is also inching higher along with the prices indicating bullish momentum ahead.


- So, for the week, key resistance is at 84.85, surpass above that will provide a bullish breakout. We recommend buying around 83.80 for the targets of 85.25 then 86.00.


Action: Buy

 

JPYINR: After making false break down, JPYINR pair reverted sharply in the previous week and ended near the weekly high of 59.53.


- On the weekly chart, it has surpassed the resistance of the inverted head and shoulder pattern and according to the pattern upside targets are projected till 61.65 then 62.40 and while the supports are seen at 59.15 then 58.10.


- The major momentum indicators are on the positive note indicating upside momentum.


- Thus, for the week we advise buying on dips around the supports of 59.25 for immediate targets of 60.60 then 61.65.


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.