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You are here : IndiaNotes >> Market Action >> Currency

USDINR: Buy above 65.21 level for short term trading opportunities

Way2wealth | 26 Sep, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

USDINR: In the last week, USDINR futures started on flat note and prices rose strongly for the whole week till high of 65.21.


- Prices have bounced 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.


- Prices have touched its previous multiple swing highs placed around 65.12 level and are expected to rise further from these levels. A break above its last week’s high of 65.21 level can drive the prices towards next strong resistances placed around 65.75 & 66.35 levels.


- On the lower side immediate strong supports are placed around 64.40 and 63.75 levels. Buying above 65.21 level is recommended for the short term trading opportunities.


Action: Buy.

     

EURINR: EURINR futures opened flat in the last week and prices rose strongly for most of the week till high of 78.29 level.


- Price have taken strong support at its short term rising trend line and have been rallying strongly since last 5 months from its low of 68.21.


- Prices have also broken above its previous year’s high of 77.94 level and are expected to continue this rally in the near term 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 77.15 and 76.40 levels. Buying in minor pullbacks is recommended for the short-term trading opportunities.


Action: Buy.

 

GBPINR: GBPINR futures opened flat in the last week and prices corrected initially for first two sessions till low of 86.57. Later prices rose strongly for the remaining week till high of 88.51.


- Prices have rallied strongly in the previous two weeks after breaking out from its inverse head and shoulder chart pattern which is suggesting bullish momentum to continue in this pair for the medium term.


- Prices are expected to rise further from these levels towards next strong resistance placed around 38.2% Fibonacci retracement of its fall from high of 105.37 till bottom of 79.75, which is placed at 89.54 level.


- On the lower side, immediate strong supports are placed around 87.15 and 86.55 levels.


Action: Buy

 

JPYINR: JPYINR futures started the last week by opening flat and prices remained volatile for the whole week in the range of 57.30-58.30 levels.


- Prices have taken strong support around previous multiple swing lows near 57.30 level after falling sharply from its recent high of 59.56.


- Prices have made a potential higher top higher bottom chart pattern and are expected to recover from these levels towards immediate resistances placed around 58.80 and 59.60 levels.


- On the lower side, immediate strong supports are placed around 57.70 and 57.15 levels.


- Buying in minor pullbacks is recommended in this pair for the short-term trading opportunities.


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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