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USDINR: Buy on dips around support levels of 64.10 levels

Way2wealth | 05 Feb, 2018  | Follow Author | Add to my Favourites 
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USDINR: On Friday, USDINR pair remained volatile and after opening at 64.29 it witnessed a sharp rise till 64.39 and from there it declined till the low of 63.90 and finally ended at 64.24. The pair has almost extended till the immediate resistance of 64.44 and ahead, surpass above 64.44 will witness further gains till 64.82 then 65.00 levels and fail to penetrated will provide minor corrections and thus we recommend buying on dips around support levels of 64.10 levels. Action: Buy.


EURINR: On Friday, EURINR pair opened with gap up at 80.34 and from it surged till the high of 80.53 and later on it came down slightly lower and finally ended at 80.35 forming doji candle stick pattern. The momentum indicator RSI has moving into the overbought zone and island formation of the candle stick pattern is indication minor corrections and thus we recommend buying on dips around 80.04 for upside targets of 80.80. Action: Buy.

After opening at 91.55 GBPINR pair inched till the high of 91. 86 and in the second half it gradually slipped lower and finally ended at 91.43. The pair has formed bearish doij candle stick and although the pair has penetrated the long term trend line resistance on weekly chart the indicators are signifying corrections and thus we recommend buying on dips around 91.00 for the day. Action: Buy.

In line with expectation, JPYINR pair inched slightly higher after testing the trend line support of 58.30 and ended at 58.50. However, the long term chart the pair has exactly tested the falling trend channel resistance and ahead it the pair breaks the support of 58.30 then it will once again shift to bearish. Thus we advise selling on break of 58.28 for downside levels of 57.60 and lower. 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 accept any liability whatsoever arising from the use of any of the above contents.

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