USDINR: Followed with the steady fall for the last few week, USDINR pair finally breached the key support of the previous swing low 63.74 in the last week and ended at 63.52 losing 0.82%.
- On the technical front, pair has penetrated previous low as well as the 50% retracement level of 63.74 and in the broader scenario it is moving in the falling wedge formation and according to that immediate support is at 62.70 and below that the crucial support of 61.8% retracement lies at 62.40 mark.
- The momentum indicator RSI continued to remain lower and the MACD has made fresh bearish crossover signifiying downward signal.
- Therefore, from the above context we expect USDINR pair to trade with negative baisness and advise selling on minor pullbacks around 63.70 for targets of 63.00 then 62.70 levels.
GBPINR: After opening at 86.61, GBPINR pair witnessed sharp fall and declined till the low of 85.97 and finally ended at 86.07 in the last week.
- On the technical front, after testing the slanting trend line resistance the pair turned lower from the same. For the week, the immediate support is at 85.18, break below that will extend the fall till key trend line support of 84.02.
- The momentum indicator RSI has been slowly sliding lower and has come down till 56.30 and stochastic is still on the negative note signifying bearish sign.
- For this week, GBPINR is likely to remain lower and could test the above given supports of 85.20 then 84.02 levels. Thus, we recommend selling on minor pull back around 86.40.
EURINR: In the last week, EURINR pair opened at 76.84 and thereafter it declined slight lower till the low of 76.47 and finally ended at 76.64.
- The pair has exactly inched till the rising trend line resistance and ended forming bearish candle. The pair has been continuously failing to surpass the resistance of 77.10 mark. Therefore, as long as it trades below that the pair will remain under pressure. For the week, immediate support is at 75.75 of the pennant formation, break down below that will decline till the lows of 75.10 then 74.50 levels.
- The momentum indicator RSI has slipped slightly lower and while the stochastic is still on the positive note.
- EURINR pair is continuously failing to surpass the resistance of 77.10 and the Doji candlestick pattern are indicating bearish signs. Thus, we recommend selling around 76.80 for downside targets of 75.50 then 75.00 for the week.
JPYINR: After a long consolidation the JPYINR pair finally breached the key triple bottom support of 56.40 in the last week and finally ended at 56.17.
- As mentioned above the pair has given a bearish break down of the triple bottom support, and now the previous support level of 56.40 will turn as immediate resistance. The pair has opened a fresh room for downside and it could extend fall till the channel support of 54.80 levels on immediate basis.
- The momentum indicator RSI, which was sideways, has slipped lower and stochastic continued remain under pressure.
- For the week, we recommend selling around the immediate resistance of 56.40 for down side supports of 55.60 then 54.80 levels.
Click here to read the full report
Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.
For more information please write in to firstname.lastname@example.org
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.