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USDINR: Buy on dips for the short-term trading opportunities

Way2wealth | 19 Dec, 2016  | Follow Author | Add to my Favourites 
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Technical View:

 

USDINR: USDINR Dec futures opened the week flat and prices consolidated for half of the week in the range of 67.40-67.60 and later broke the range on the higher side and rose till 67.95 and closed at 67.81. Prices have corrected sharply in the previous weeks and taken support at its 61.8% Fibonacci retracement of last month’s rally around 67.40 level. Previously prices have broken out from its symmetrical triangle pattern and rallied for two weeks and are expected to resume its primary bullish trend from current levels towards next strong resistances placed near its recent top of 69.00 level and previous top of 69.22 level. On the lower side strong supports are placed at 67.60 and 67.20 levels. Buying on dips is recommended in the pair for the short term trading opportunities. Action: Buy.

   

GBPINR: GBPINR Dec futures opened the week higher and prices rose for the first session and made a high around 86.00 levels. Subsequently prices broke down from its short term rising trend line on the daily chart and corrected for the remaining week till low around 84.20 levels. Prices have taken strong resistance at its previous triple bottom support levels of 86.50 and corrected in the last two weeks from the same which is suggesting continuation of its primary bearish trend towards next supports placed around 83.40 and 82.40 levels. On the higher side strong resistances are placed at 85.20 and 86.00 levels. Selling on rise is recommended in the pair for the short term trading opportunities. Action: Sell.


EURINR: EURINR Dec futures opened the week flat and prices consolidated for half of the week in the range of 71.80-72.20 and later broke the range on the lower side and fell for the remaining week till low around 70.80 and closed at 70.94. Prices have broken and fallen sharply below its 50% Fibonacci retracement level of 71.95 and are expected to fall further from this level towards next strong supports placed around its 61.8% Fibonacci retracement level of 70.50 and further at its previous swing low around 70.00 level. On the higher side strong resistances are placed at 71.80 and 72.20 levels. Selling on rise is recommended in the pair for the short term trading opportunities. Action: Sell


JPYINR: JPYINR Dec futures opened the week marginally lower and prices consolidated for half of the week in the range of 58.60-58.90 and later broke the range on the lower side after breaking below its strong support of 61.8% Fibonacci retracement level placed at 57.90 level and fell for the remaining week till low around 57.20 and closed at 57.49. Price have been falling sharply in the last 2-3 months after breaking down from its medium term rising trend line and are expected to fall further from these levels towards next strong support placed around its previous top and breakout level of 56.40. On the higher side strong resistances are placed at 57.90 and 58.60 levels. Selling on rise is recommended in the pair for the short term trading opportunities. 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.




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