Way2Wealth's report on currencies -
USDINR: 55.9475The 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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