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USDINR: Sell around 63.75 levels

Way2wealth | 03 Jan, 2018  | Follow Author | Add to my Favourites 
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USDINR: On Tuesday, USDINR extended further losses and finally breached the key support of 63.74 and closed at 63.66. On the technical front it has penetrated a major retracement level of 50% mark and the next supports are seen at 63.57 then 61.8% retracement level of 62.49. For the day the resistance is at 63.75 and we recommend selling around these levels for immediate targets of 63.57 then 63.50. Action: Sell.


EURINR: On Tuesday EURINR pair managed to hold above the trend line and traded in a narrow range of 76.77-76.99. The pair is strongly holding above the trend line support and therefore it is likely to extend the gain till 61.8% retracement level of 77.10 and 77.30 levels. Hence, we continue to recommend buying around minor dips at 76.80 levels. Action: Buy.

In line with expectation, GBPINR pair witnessed the stiff resistance of the rising trend line around 86.77 and it gradually traded lower and finally ended at 86.3050. The down trend is likely to continue further till the next supports of 85.83 then 85.62. Therefore, trader can initiate selling around 86.35 for above mentioned targets. Action: Sell.

JPYINR: On Tuesday, JPYINR opened with a gap down at 56.80 and slipped till the low of 56.70. In the second half it slowly recovered and finally ended at 56.83 mark forming doji candle stick pattern. The pair has once again come below the trend line and the resistance of the same is at 56.98. Ahead, surpass above that will bring the pair into positive note. Thus, we recommend buying on a break of 57.00 for targets of 57.48. Action: Buy.

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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.