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Sell USDINR: Prices are expected to correct further from the current levels

Way2wealth | 03 Oct, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

USDINR: In the last week, USDINR futures started on positive note and prices rose strongly for first half of the week till high of 66.12. Later prices corrected for the remaining week and settled around 65.50 level.


- Prices have recovered strongly in the last two weeks after taking strong support around 50% Fibonacci retracement of its rally from low of 58.33 till high of 69.22, which is placed at 63.77 level.


- In the last week prices have touched its previous double top breakdown level placed at 66.15 level and corrected sharply in the last two sessions.


- Prices are expected to correct further from the levels towards immediate supports placed around 65.10 and 64.75 levels. On the higher side strong resistances are placed around 65.75 and 66.15 levels.


Action:
Sell.

      

EURINR: EURINR futures opened lower with gap in the last week and prices traded in a volatile range of 77.05-77.80 levels. Prices closed almost flat on weekly basis around 77.47 level.


- Price have been rallying strongly since last 5 months from its low of 68.21 and taken resistance around previous year’s top placed around 77.94 level in the last two weeks.


- Prices are expected to rise further if break above last week’s high near 77.80 level towards next strong resistance placed around 50% Fibonacci retracement of its fall from high of 93.00 till low of 65.96, which is placed around 79.48 level.


- On the lower side immediate supports are placed around 77.05 and 76.40 levels.


Action: Buy.

 

GBPINR: GBPINR futures opened slightly lower in the last week and prices rose slightly for first half of the week till high of 88.62. Later prices corrected sharply for the remaining week and closed around 87.80 level.


- Prices have been rallying strongly since last five weeks from its low of 81.90 and made a bearish long legged doji candlestick pattern on the weekly chart.


- Prices are expected to correct from these levels towards immediate strong support placed around 23.6% Fibonacci retracement of its rally from low of 81.90 till high of 88.62, which is placed around 87.04 level.


- On the higher side immediate strong resistances are placed around 88.20 and 88.70 levels.


Action:
Sell

 

JPYINR: JPYINR futures started on positive note and prices rose strongly for first half of the week till high of 58.78. Later prices corrected for the remaining week and settled around 58.30 level.


- Prices have bounced slightly after taking strong support around previous multiple swing lows placed near 57.30 level.


- Prices have made a higher top higher bottom chart pattern and are expected to recover further from these levels towards immediate resistance placed around its recent high of 59.56 level which coincides with medium term declining trend line resistance currently placed near 59.60 level.


- On the lower side immediate strong supports are placed around 57.90 and 57.25 levels.


Action: Buy


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About Way2wealth

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.

 

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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.




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