Way2Wealth has come out with its report on currency. According to the research firm, one can sell USDINR at 60.2 for the target of 59.95/59.6 with a stop loss of 60.56, in its research report dated May 12, 2014.
USDINR: 60.16
The pair ended with the spinning top candlestick after the doji this indicates indecision among the traders at the current levels. We expect the prices to continue their decline and test the previous swing low pegged at 59.95 levels and on breach of the same steep decline can be seen. The momentum indicator RSI is balanced in sell mode.
GBPINR: 101.51
The pair negates our view of bullish head and shoulders chart pattern on the hourly chart by declining below the 101.59 levels. Now, the pair has confirmed the lower low/high formation on the hourly chart and prices are expected to continue their decline until the next immediate support levels of 100.89 are hit. RSI (14) has given the positive crossover.
EURINR: 82.9175
The EUR has completed the bearish head and shoulders chart pattern on the hourly chart. Anticipated target according to which is at 82.2 levels.
RSI (14) is balanced in the neutral zone.
| Currency | Action | Entry | Target | Stop Loss |
| USDINR | Sell | at 60.2 | 59.95/59.6 | 60.56 |
| GBPINR | Sell | below 101.4 | 100.9 | 101.66 |
| EURINR | Sell | below 82.9 | 82.2 | 83.16 |
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To read the full report click here
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