Way2Wealth has come out with its report on currencies. According to the research firm, one can sell USDINR below 61.90 for target of 61.60 with a stop loss of 62.05
USDINR (61.99)
The RBI policy yesterday remained a status quo and as a result rupee remained under some pressure. However, in the end the pair USDINR closed a bit lower below 62
mark.
Despite the positive price structure on daily chart, we are witnessing that the pair is now resting on a trend line support on the hourly chart. This support lies at 61.90.Therefore, in the coming session a move below 61.90 might drag the pair towards 61.60.
GBPINR (93.37)
As mentioned in our previous report GBPINR started the session on a lower note to test the mentioned target of 93.00 and recovered smartly in the final hour. Ultimately the pair managed to close in green.
At this juncture, on hourly chart we are now witnessing a multiple support at 92.95 level which indicates that the fall will continue only if GBPINR breaches this support. On the higher side, 93.40 – 93.65 levels are likely to act as resistance in the coming session.
EURINR (70.34)
Although the pair breached the support of 70.14 in the first half of yesterday's session but managed to recover sharply to close flat.
Once again on the hourly chart we are witnessing that the pair is trading in a band of 70.55 – 70.05 since past few sessions. Going ahead only a move above or below the band will dictate the further trend.
| Currency | Action | Entry | Target | Stop Loss |
| USDINR | Sell Below | 61.90 | 61.60 | 62.05 |
| GBPINR | Sell Below | 92.95 | 92.50 | 93.10 |
| EURINR | Buy Above | 70.55 | 71.00 | 70.25 |
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To read the full report click here
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Sell USDINR below 61.90; target of 61.60: Way2Wealth
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