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Buy USDINR: Momentum indicators indicate bullish signs - IndiaNotes.com
Buy USDINR: Momentum indicators indicate bullish signs
Way2wealth | Published: 12 Feb, 2018  | Source : IndiaNotes.com

Technical View:


USDINR:
After opening at 64.56, USDINR pair remained on a subdued note and made high of 64.58 and low of 64.41.


- The pair which penetrated the immediate swings high in the penultimate week of 64.26 will hold as immediate support whereas on higher side long term downward slanting trend line resistance is placed around 64.80 then 65.00 levels. A convincing breach of that will only provide a clear bullish breakout.


- The momentum indicator stochastic has made a positive cross over and the MACD is also on the verge of positive cross over, indicating bullish signs.


- By the above analysis, the pair is likely to witness stiff resistance around 65.00 levels. But, the momentum indicators which are on the positive note are indicating a bullish signs. Thus, we recommend buying on dips around 64.30 levels for immediate targets of 64.90 then 65.40 levels.


Action: Buy.


EURINR: After four sessions of continues gain, EURINR pair witnesses massive fall during last week and tumbled till the low of 78.84 and ended at 79.12 losing 1.60%.


- On the technical front, the pair has back reverted after testing the trend line resistance of the wedge pattern. Going forward, it is likely comedown till the key break out supports of 77.95 and as the overall trend still looks positive and this could provied rebound from the supports in coming sessions.


- The momentum indicator RSI has made a double top and is slipping lower from the overbought zone and stochastic is making negative cross over is indicating correction.


- For the week, the pair is likely to dip till the supports of 78.40 then 78.00 levels, thus we recommend buying on dips around 78.40 levels for upside targets of 79.60 and higher.


Action: Buy.


GBPINR: After testing the channel resistance in the penultimate week, the GBPINR pair opened with a minor gap down at 91.04 and gradually traded lower and finally ended at 89.68.


- The pair is currently trading near the neckline support of inverse head and shoulder pattern a break below that will draw down the pair till the channel support of 87.50. While, on the high side the immediate resistance is at 90.50.


- The momentum indicator RSI is slipping lower from the overbought zone and the MACD is still on the positive note.


- For the week, the immediate support is at 89.40, break below that will drawdown the pair till the channel supports of 87.50. Thus, we advise selling on break of 89.40 for targets of 88.50 then 87.60 levels.


Action: Sell


JPYINR:
In the last week, JPYINR pair rebounded higher by breached the trend line resistance of 58.80 and surged till the high of 59.54 and finally ended at 59.17.


- The pair has given fresh bullish breakout of the channel and has opened room for the upside levels for 60.60 then 61.00 levels of 38.2% retracement. For the week, the immediate supports are at 58.92 then 58.20.


- The momentum indicators RSI, MACD and stochastic are on the positive note signifying bullish move.


-  Therfore, this week, the JPYINR pair is likely remaining higher and will move towards the swing high of 60.60 then 60.50. While, the supports are seen at 58.90 and we advise buying around these supports of 58.90 levels.


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.