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Sell USDINR: Next strong support placed around 63.04 level - IndiaNotes.com
Sell USDINR: Next strong support placed around 63.04 level
Way2wealth | Published: 05 Jan, 2018  | Source : IndiaNotes.com

USDINR: USDINR futures opened flat in the last session and prices fell sharply for the whole session till low of 63.52. Prices have been correcting sharply after taking strong resistance around its short term declining trend line and broken down from its previous bottom of 63.74. Prices are expected to fall further from these levels if break below yesterday’s low of 63.51 level towards next strong support placed around 63.04 level. Action: Sell.

 

EURINR: EURINR futures opened lower in the last session and prices corrected for first half of the session till low of 76.47 and recovered for the remaining session till high of 76.72. Prices have broken out from its strong resistance around short term declining trend of the symmetrical triangle chart pattern and are expected to rise further from these levels towards immediate resistances placed around its previous swing highs of 77.28 and 77.47 levels. Action: Buy.


GBPINR: GBPINR futures opened sharply lower with gap in the last session and prices fell further for first half of the session till low of 85.97. Later prices recovered for the remaining session and closed around 86.16 level. Prices have taken strong support near its short term rising trend line and are expected to rise from these levels towards immediate resistances placed around 86.50 and 86.80 levels. Action: Buy.


JPYINR: JPYINR futures opened lower with gap in the last session and prices fell further for the whole session till low of 56.48. Prices have taken strong support at its previous multiple bottoms placed around 56.48 level and are expected to fall further if break below its recent low of 56.44 towards next support placed around 55.95 level. On the higher side immediate resistances are placed around 56.70 and 56.90 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.