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USDINR: Sell on minor pullbacks around 63.75

Way2wealth | 04 Jan, 2018  | Follow Author | Add to my Favourites 
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USDINR: In line with the expectation USDINR pair dipped lower till 63.62 after testing the resistance of 63.75 and finally ended at 63.71. The pair still trading below the key resistance of 63.75, as long as it holds below that the trend looks downward. Therefore, we recommend selling on minor pullbacks around 63.75 for targets of 65.57 then 65.50. Action: Sell.


EURINR: EURINR pair which crossed the trend line in the previous sessions has failed to hold above that and once again turned lower during yesterday’s session and ended at 76.65. The pair closing below the trend line has once again turned the look to negative. However, the immediate support of another trend line is at 76.50, break of that will bring down the pair towards 75.82 levels. Action: Sell.

GBPINR: After opening on flat note at 86.55, GBPINR pair once again retested the trend line resistance of 86.76 and slipped lower and ended at 86.50. As mentioned in the previous report the pair is witnessing stiff resistance of the rising trend line and as long as it holds below the selling pressure remains intact and thus we recommend selling on rise around 86.68 for targets of 86.20 then 85.95. Action: Sell.

JPYINR: After opening at 56.85 JPYINR dipped till the low of 56.73 and it reclaimed higher and finally ended on a flat note at 56.82. The pair has failed to surpass above the trend line resistance and has settled below that. As the pair is trading near the bottoms the breach of trend line will provide a bullish breakout for upside targets of 57.20 then 57.50 levels. Therefore, we recommend buying on a break of 56.95 for mentioned targets. 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.