USDINR: Last week, USDINR futures opened on a positive note and prices rose in the first session till high of 64.05. However, for remaining part of the week prices continued to fall and made low of 63.45.
- Prices have been consolidating in a narrow range of 63.40-64.20 levels in the last three weeks after falling sharply in the previous two months from its strong resistance of short term declining trend line.
- Prices are expected to remain in the corrective mode for the near term and can fall further towards next strong support placed around 61.8% Fibonacci retracement of its rally from low of 58.32 till high of 69.21, which is placed at 62.48 level.
- On the higher side, immediate resistances are placed around 64.30 and 64.80 levels. Selling on rise is recommended in USDINR for the short-term trading opportunities.
EURINR: EURINR futures opened on a flat note in the last week and prices rose gradually for most of the week till fresh two years high of 79.12.
- Prices have rallied strongly in the previous three weeks after breaking out from its symmetrical triangle chart pattern.
- Prices have also broken out from its previous strong resistance of rising trend line and MACD has given a positive crossover in the previous week.
- Prices are expected to rise further from these levels towards 100% extension of its previous rally from low of 65.96 till high of 77.94, which is placed around 80.19 level.
- On the Lower side immediate supports are placed around 78.55 and 77.85 levels. Buying in minor pullbacks is recommended in EURINR for the week.
GBPINR: GBPINR futures started the last week on a flat note and prices rose strongly for the whole week till high of 90.94.
- Prices have rallied strongly after breaking out and retesting the neckline of its inverse head & shoulder chart pattern.
- Prices have been rising since last three weeks after taking strong support at its 20 weeks simple moving average currently placed around 86.70 level.
- Prices are expected to rise further from these levels towards immediate resistance placed around its previous swing low of 91.14 and further around 50% Fibonacci retracement of its fall from high of 105.36 till low of 79.75, which is placed around 92.56 level.
- On the lower side immediate supports are placed around 89.40 and 88.60 levels.
JPYINR: JPYINR futures opened flat in the last week and prices corrected slightly for first half of the week till low of 57.41. Prices rose strongly for the remaining sessions and made a fresh 3 months high of 58.39.
- Prices have broken out from its medium term declining trend line resistance and rose strongly after retesting the same in the previous week.
- Previously prices have bounced after taking strong support around its previous swing high of 56.40 level coinciding with its previous multiple lows.
- Prices are expected to rise further from these levels towards next strong resistance placed at its previous multiple swing highs around 59.60 level.
- On the lower side immediate supports are placed around 58.00 and 57.40 levels. Buying in minor pullbacks is recommended in JPYINR for the short term trading opportunities.
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