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You are here : IndiaNotes >> Market Action >> Currency

USDINR: Weakness in the counter

Way2wealth | 06 Aug, 2012  | Follow Author | Add to my Favourites 


USDINR

USDINR ended below the uptrend line support, on the daily chart. This indicates weakness in the counter. Moreover, breakdown below 55.4 will complete the double top chart pattern. Projected target according to which is around 53.5 levels.


Recommendation

Action: Sell
Entry: 55.4
Target: 53.5
Stop: 56.05


EURINR

EURINR in the past week tested the stiff resistance line, visible on the charts. Prices ended with the bearish candle, indicating some correction from current levels.

 

Recommendation

Action: Sell
Entry: Below 68.5
Target: 67.5
Stop: 69.11



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About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

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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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