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Buy USDINR: Strong resistances placed around 65.60 & 66.10 levels - IndiaNotes.com
Buy USDINR: Strong resistances placed around 65.60 & 66.10 levels
Way2wealth | Published: 23 Oct, 2017  | Source : IndiaNotes.com

Technical View:

 

USDINR: In the last week, USDINR futures opened lower with gap and prices recovered strongly for the subsequent sessions till high of 65.20 level. Prices closed positive on weekly basis around 65.06 level.


- Prices have bounced after taking strong support near 61.8% Fibonacci retracement of its rally from low of 63.74 till high of 66.12, which is placed at 64.65 level.


- Prices have made a morning star candlestick pattern on the daily chart which is a bullish signal for the pair in the near term. Prices are expected to rise further from these levels towards next strong resistances placed around 65.60 & 66.10 levels.


- On the lower side immediate strong supports are placed around 64.90 and 64.50 levels.


Action: Buy.

      

EURINR: EURINR futures opened lower with gap in the last week and prices consolidated initially for most of the week in the range of 76.45-76.70 levels. Prices recovered strongly in the last session and closed around 77.08 level.


- Prices have been correcting in a sideways downward trend in the last few weeks after breaking down from its strong support of short term rising trend line and currently taken support around its previous swing low placed at 76.50 level.


- Price are expected to correct further from these levels if break below last week’s low of 76.43 towards next strong support placed around 23.6% Fibonacci retracement of its rally from low of 68.21 till high of 78.29, which is placed around 75.91 level. On the higher side immediate resistances are placed around 76.80 and 77.10 levels.


Action: Buy.

 

GBPINR: GBPINR futures opened slightly lower with gap in the last week and prices corrected gradually for the whole week till low of 85.50 level.


- Prices have been consolidating in a range of 85.60-86.60 levels in the previous few weeks and taken strong support around its short term rising trend line break out level currently placed around 85.70 level.


- Prices are expected to hold this support and rise from these levels towards next strong resistances placed around 86.60 and 87.20 levels.


- On the lower side immediate strong supports are placed around 85.50 and 85.25 levels. Buying around current levels is recommended in this pair for the short term trading opportunities.


Action: Buy

 

JPYINR:JPYINR futures started the last week by opening slightly lower with gap and prices continued to correct gradually for the whole week till low of 57.75.


- Prices have been trading in a narrow of 57.70-58.70 levels in the previous few weeks after bouncing from its strong support around multiple swing lows near 57.30 level.


- Prices have made a potential higher top higher bottom chart pattern and are expected to recover from these levels towards immediate resistances placed around 58.70 and 59.20 levels.


- On the lower side immediate strong supports are placed around 57.30 and 56.50 levels. Buying at immediate support is recommended in this pair for the short term trading opportunities.


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.