Way2Wealth has come out with its report on currencies. According to the research firm, one can buy GBPINR above 93.17 for the target of 93.70 with a stop loss of 93.00
USDINR (62.41)
As mentioned in our previous report the fall in USDINR was capped on the back of gains in dollar index. As a result the pair displayed a sharp pullback to close with decent gains.
Although the 62.24 support was broken but the pair bounced from the 78.6% FIB retracement level of 62.20. Now on the daily chart we are witnessing a reversal candlestick pattern which indicates that the move on the higher side might continue. In such scenario the pair is likely to retest 63 mark.
GBPINR (92.98)
Likewise other currency pairs even GBPINR traded with positive bias in yesterday's session. However, the pair failed to clear the 93.17 hurdle after registering an intraday high of 93.11 to close slightly in green.
The resistance of 93.17 on the hourly chart is still intact and therefore a sustainable move above the same might result in some quick upside in the coming session. On the downside, a breach of 92.64 mark could lead to further fall in the pair.
EURINR (68.57)
EURINR continues to ascent in previous session and closed near day's high above 68.50 mark. During the course, the pair didn't reach our target of 68.80 but registered an intraday high of 68.62 which was remarkable. On the daily chart we are witnessing that the pair is hovering just below the previous gap area of 68.63 which can be a strong resistance. In addition, the recovery in dollar index might keep the pair under pressure. In such scenario, we would advise traders to avoid going long in the pair as the prices too are a bit overbought on the hourly chart.
Currency : GBPINR
Action : Buy Above
Entry : 93.17
Target : 93.70
Stop Loss : 93.00
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
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