Buy Indian rupee; target 56.40: Way2Wealth

Way2Wealth's report on currencies -

USDINR: 55.9475
The pair started moving up as expected taking a support at its uptrend line. This further confirms that the recent rally is an impulsive one and the pause was just a wave iv within wave III up. Hence, we continue to maintain our bias up. Now, the short term support is 55.50 and the target on the upside is 56.40

EURINR: 72.3875
The pair moved higher as anticipated; now if this is a sideways upward sloping parallel channel then it will find a resistance around 72.65 levels. On the lower side, 71.10 is a crucial support going forward. The short term outlook remains positive for the upside targets of 73 and 73.40 i.e. the targets of an inverse head and shoulders pattern.

GBPINR: 84.5750
This pair finally broke out from the short term range of 84.40 to 83.40; hence a minimum of 1 rupee move on the upside is expected from 84.40. This upward breakout also confirms the wave E of the rising wedge which has a target of 85.20 to 82.40. The support on the lower side is pegged at around 84.05, so till it is trading above that level we maintain our bias up.

Currency	Action	Entry	Target	Stop Loss
USDINR	Buy	Near 55.80	56.20/56.40	55.5
EURINR	Buy	Near 72.30	73	72.05
GBPINR	Buy	Near 84.40	85.2	84.2

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