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USDINR: Immediate resistances are placed around 65.35 and 65.65 levels - IndiaNotes.com
USDINR: Immediate resistances are placed around 65.35 and 65.65 levels
Way2wealth | Published: 04 Apr, 2017  | Source : IndiaNotes.com

Technical View:


USDINR:
USDINR futures opened the last week with a slight fall and continued to fall for most of the week and made a low around 64.94 level.


- Prices have taken support around its 38.2% Fibonacci retracement level of 65.05 and were not able to close below the same on the daily basis.


- Prices are expected to fall further if sustain below the last week’s low of 64.94 level towards next support placed around its previous resistance breakout level of 64.55 and further at its 50% Fibonacci retracement level placed around 63.77 level.


- Immediate resistances are placed around 65.35 and 65.65 levels.


Action: Sell.

   

EURINR: EURINR futures fell sharply in the last week after opening up slightly lower and consolidating in the first two sessions.


- Prices have broken and closed below its previous swing low of 70.06 level which is suggesting a strong bearish trend to continue for the short term.


- Prices are expected to fall further from these levels towards next strong supports placed around its next immediate swing low of 68.88 level.


- On the higher side immediate resistances are placed around 70.05 and 70.50 levels.


- Sell on rise is recommended in the pair for the short term trading opportunities.


Action: Sell.


GBPINR: GBPINR futures opened slightly lower in the last week and prices fell gradually for most of the week till low around 80.80 level.


- Prices have taken resistance near its short term declining trend line of the falling trend channel after recovering in the previous two weeks.


- Prices are expected to continue this downward move towards next strong supports placed at its recent low around 79.80 level.


- On the higher side immediate resistances are placed around 81.50 and 82.00 levels.


- Sell on rise is recommended in the pair for the short term trading opportunities.


Action: Sell

 

JPYINR: JPYINR futures have fallen sharply in the last week after taking resistance at its short term declining trend line on the daily chart.


- Prices have been making lower top lower bottom chart pattern in the previous few weeks which is suggesting a short term down trend is still in place.


- Prices are expected to fall further towards immediate supports placed around its previous swing low of 57.33 and its recent low around 57.05 level.


- Immediate resistances are placed around 58.50 and 59.20 levels.


 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.