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USDINR: Sell for down side targets of 67.60 then 67.40

Way2wealth | 31 Jan, 2017  | Follow Author | Add to my Favourites 
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Technical View:

Last week, USDINR pair opened below the trend line at 68.40 and retreated marginally till the high of 68.49. Thereafter, it turned lower and continued to trade on negative note and finally ended at week’s lowest mark of 68.2850. Pair breaching the trend line support has shifted the short to medium trend to bearish. Currently, the immediate support is at 68.20, break down below that next supports comes around 67.95 then 67.60 of 50 and 61.8% retracement mark respectively. On the higher side the key trend line resistance is at 68.55 then 68.80. The momentum indicator RSI has dipped sharply from 0.61 to 0.56 signifying bearish momentum. For the week, break down of immediate support of 68.20 will provide further pressure and recommend selling below it for down side targets of 67.60 then 67.40. Action: Sell.


GBPINR: Followed with penultimate week’s positive close the GBPINR extended its gains in the previous week and rose till the key trend line resistance of 86.17 and finally ended at 85.67. Pair has exactly tested the slating trend line resistance of 86.15 but it failed to settle above it. During the week, if pair manages to surpass and settle above the trend line than it will provide further pull backs and can retrace till the immediate high of 87.45 and higher. The momentum indicator RSI has already given the positive break out confirming bullish momentum. Going forward, a convincing close above 85.80 will only provide bullish break out of slating head and shoulder pattern. For the week, immediate support is at 84.90 then 84.36. While, convincing close above 85.80 will extend the rally till 87.50 and higher. Action: Buy.

After prior weeks Doji candle stick formation the EURINR in the last week opened at 73.33 and surged till the high of 73.68. In the later half it failed to sustain and gradually traded lower and finally ended at 73.05 forming a shooting star candle stick pattern. On the weekly chart pair is still holding above the rising channel support of 72.98, a break down below 72.98 will turn the trend to bearish and dip towards the supports of 72.40 then 71.70. While on higher side the resistances are seen at 73.25 then 73.80 of 38.2% retracement mark. For the week, the shooting star candle stick pattern is indicating negative signs. While break down of channel support will confirm the bearish break down. Hence, we recommend selling below 72.95 for down side targets of 72.20/71.90. Action: Sell

Last week JPYINR February contract pair opened at 60.05 and spiked up till the high of 61.00. In the mid of the week it failed to hold and tumbled sharply and ended almost near the lowest level of the week at 59.44. The key support for the week is around 59.00 mark of the trend line connecting the lower bottoms. As long as it holds above 59.00 the upside potential remains intact, a break down below 59.00 will only shift the trend to bearish. The momentum indicator MACD is slowly moving closer to the moving average, while the RSI remained on flat note. As mentioned above the trend still remains upward so we recommend buying on dips around 59.00 mark with strict stop loss below 58.40. 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.

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