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USDINR: Sell on rise around 64.35 - IndiaNotes.com
USDINR: Sell on rise around 64.35
Way2wealth | Published: 21 Aug, 2017  | Source : IndiaNotes.com

Technical View:


USDINR:
After penultimate week, sharp recovery USDINR pair remained in a narrow range of 64.02-64.41 in the last week and ended on a slightly positive note at 64.21.


- USDINR pair is still witnessing stiff resistance around 64.50 levels as long as it holds below that the downward bias remains intact.


- On lower side immediate support is at 63.72 which is 50% retracement level. Currently pair si trading in a no trade zone with no clear view. However, a convincing close above 64.50 will lead the pair to head till the next resistance of 65.10.


- For the week, as the pair is still trading below the resistance, therefore we advise selling on rise around 64.35 for downside targets of 63.70 then 63.45.


Action: Sell.

    

EURINR: Last week, EURINR pair opened at 75.63 and inched till the high of 75.91. Thereafter it gave up its gains and dipped till the low of 75.18 and finally ended at 75.46.


- The pair is trading in a rise wedge chart pattern and according to that support is at 74.90 mark. Going forward, pair is likely to test lower band and may rebound from the same. However, a breakdown below that will provide a bearish breakdown.


- The momentum indicator RSI and stochastic oscillator are indicating an overbought zone and has made bearish crossover.


- Therefore, for this week the key support is at 75 mark and break below that will confirm a bearish break down that can drag the pair towards its next supports of 73.60 and lower.


Action: Sell.

 

GBPINR: For the third straight week, GBPINR pair traded on weaker note and tumbled till the low of 82.65 and finally ended at 82.78.


- The pair has breached the rising trend line support and settled below that providing bearish breakdown of triangle pattern. For the week, the immediate resistance is at 83.00 then 83.80 whereas it will find support around 82.60 then 81.40.


- Going ahead, pair is likely to remain lower and thus recommend selling below the immediate support of 82.60 for the targets of 82.00 then 81.60 for this week.


Action:
Sell

 

JPYINR: After opening at 58.68, JPYINR pair declined till the low of 57.98 but in later sessions it recovered from the lows and ended near the highest level of 58.90.


- JPYINR pair which reverted sharply after retesting the trend line support is indicating huge buying at lower levels. Thus, going forward pair is likely to extend its gains till the immediate resistance of 59.50 then 60.50 of previous swings high.


- For the week, we expect JPYINR to trade positive note and recommend buying on dips around 58.60 for the above-mentioned targets of 59.50 then 60.20.


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.