Oct 17, 2016 10:38 AM IST IST | Source: Moneycontrol.com
Sell USDINR Around 66.90; target of 66.60: Way2Wealth
Way2Wealth has come out with its report on currencies. According to the research firm, one can Sell USDINR Around 66.90 for the target of 66.60 with a stop loss of 67.10.
USDINR Oct futures opened flat and prices started falling after taking resistance at its short term declining trend line in the previous session. Prices fell for the whole session and made a low of 66.80 at the closing time. Prices have been trading in the downward channel pattern and are expected to fall further from this level towards next strong supports placed at 66.60 and 66.4 0 levels.
GBPINR Oct futures opened flat and prices initially fell in the intraday and made a low of 81.50. Prices recovered later in the remaining session and closed at 81.81. Prices have taken support after a long time losing streak from the past 2 - 3 weeks after breaking below the rectangle candlestick pattern. Prices are expected to remain bearish till 80.80 level in the next few sessions if break below the strong support placed at 81.40 level.
EURINR Oct futures opened flat and prices resumed selling after falling sharply in the past few sessions and made a fresh 6 months low of 73.63. Prices have fallen after breaking down from the short term rising trend line support and are expected t o fall further from this level towards next strong supports placed at 73.40 and 73.10 levels. On the higher side strong resistances are placed at 73.95 and 74.20 level.
Pair : USDINR
Action : Sell Around
Entry : 66.90
Target : 66.60
Stop Loss : 67.10
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