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USDINR: Weakness in the counter

Way2wealth | Published: 06 Aug, 2012  | Source : ValueNotes.com | 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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Punit Jain
Founder - JainMatrix Investments - JainMatrix Investments

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