Below 55.89 USDINR may fall to 54: Way2Wealth

Way2Wealth has come out with its report on USDINR, EURINR and GBPINR. USDINR pair from the lows of 54.89 as anticipated and so we think that till it doesn’t close below 55 levels it may continue to trade higher. On the flip side if it closes below 55.89 then it will slide till 54 levels.

USDINR: The pair from the lows of 54.8950 as anticipated and so we think that till it doesn’t close below 55 levels it may continue to trade higher. On the flip side if it closes below 55.8950 then it will slide till 54 levels i.e. towards the lower end of the triangle. Hence one should place a SAR trade i.e. exit longs below 55 and initiate shorts. 

EURINR: This pair finally seems to have reversed down by breaking down from the triangle formed in its right shoulder. Now, once it breaks the low of 71.55 it will confirm the breakdown from the neckline of the bearish head and shoulders pattern. The conservative target on the downside remains as 71.30 and below that 69.95. The resistance on the upside is pegged at 71.96. MACD on the daily charts is in sell mode. 

GBPINR: The pair continues to find resistance at the neckline of the of the inverse head and shoulders pattern at around 83.56, hence one should initiate longs only above that for the target of 84.90. The support on the lower side is pegged at 82.75 if that is broken then the trend will reverse from up to down. MACD on the daily charts is in buy mode.

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