Way2Wealth has come out with its report on currencies. According to the research firm, one can sell USDINR below 61.58 for target of 61.40 with a stop loss of 61.70.
USDINR (61.67)
Yesterday's session remained extremely quite since the pair USDINR traded in a narrow band of 0.20 pts. Even the domestic equity markets were clueless throughout the day. As stated in our previous report the gap area of 61.75 – 62.05 levels acted as a resistance zone for the pair. On the upside, once again the said levels are likely to play their role whereas breach of 61.58 level might drag the pair towards 61.40 mark.
GBPINR (99.10)
Tuesday's fall was followed by consolidation yesterday as GBPINR remained flat and closed with marginal changes below 100 mark. Going forward, in case of a move above 99.30 we might witness some pullback towards 100 mark. However, a breach of 99 level can trigger further pessimism which can drag the pair to retest the expected targets of 98 - 97.
EURINR (78.06)
The pair traded with positive bias during the session to end with descent gains of 0.4% above 78 mark. This was an impact of the breakout from the falling wedge pattern which we discussed in our previous report. For the coming session, Tuesday's low of 77.70 will now act as an immediate support for the pair. On the upside, ongoing momentum can pull EURINR towards 78.20 and 78.40 levels.
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To read the full report click here
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Sell USDINR below 61.58; target of 61.40: Way2Wealth
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