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Buy USDINR: Prices are expected to take a short term bounce from current levels - IndiaNotes.com
Buy USDINR: Prices are expected to take a short term bounce from current levels
Way2wealth | Published: 08 May, 2017  | Source : IndiaNotes.com

Technical View:


USDINR:
USDINR futures took support near its previous week’s low of 64.20 level and consolidated in the range of 64.25-64.50 for the whole last week.


- Prices have taken cluster support around current levels and have been trading in a narrow range in the previous few weeks after falling sharply in the Mar-Apr months.


- Prices are expected to take a short term bounce from current levels towards immediate next resistance around its 23.6% Fibonacci retracement of its recent fall from 68.50 to 64.20 placed at 65.22 level.


- On the lower side strong support is placed around its 50% Fibonacci retracement of its rally from 58.33 to 69.22 placed at 63.77 level.


Action: Buy.

   

EURINR: EURINR futures opened the last week slightly lower and prices corrected initially for few sessions till low of 70.12 level. Later prices recovered strongly in the last session and made a high of 70.94.


- Prices have been rising gradually since last three weeks after taking strong support at its lower declining trend line of the downward moving channel.


- Prices have almost touched its strong resistance of its upper declining trend line of the downward moving channel and are expected to fall from these levels to continue its primary bearish trend.


- Prices have also recovered till its 50% Fibonacci retracement of its recent fall from 73.57 level to recent bottom of 68.21 placed at 70.89 level. Prices are expected to resume its downward momentum from current levels towards immediate strong supports placed around 69.60 and 69.20 levels.


Action: Sell.


GBPINR: GBPINR futures opened the last week lower and prices corrected for most of the week and made a low of 82.71. Prices recovered strongly at the end of the week and closed around 83.50 level.


- Prices have been rising gradually in the previous few weeks after giving breakout from its downward moving channel.


- Prices also rose strongly after breaking out from its double bottom chart pattern, neckline of which is placed around 82.10 level and target of the pattern is placed around 84.45 level.


- Prices are expected to continue this upmove towards pattern’s target of 84.45 and further around its recent swing high of 86.17 level.


Action: Buy

 

JPYINR: JPYINR futures opened sharply lower in the last week and prices continued to fall for most of the week and made a low of 57.03. Later in the last session prices opened higher and recovered strongly and closed around 57.50 level.


- Prices have made a bullish engulfing candlestick pattern on the daily chart and a hammer candlestick pattern on the weekly chart which are considered strong trend reversal candlestick patterns.


- Prices are expected to bounce from current levels towards immediate strong resistances placed around 59.20 and 59.60 levels.


- On the lower side strong supports are placed around 57.30 and 57.00 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.