Buy Indian rupee; target 56.20-56:50: Way2Wealth

Way2Wealth's research report on currencies -

USDINR: 55.61
The pair has provided a breakout from a triangular pattern as well as from an inverse head and shoulders pattern which is quite bullish in the short term. Hence, one can initiate longs with a stop loss of 55.50 for a target of 56.20 and 56.50 immediately. The MACD on the daily and weekly charts continue to remain in buy zone which is a positive sign for the bulls.

EURINR: 71.8650
The pair has provided a breakout from the inverse head and shoulders pattern and the target for the same is 73. The neckline support is pegged at around 71.55. Hence, one can initiate longs near 71.70 for a target of 72.20 and 73 with a stop loss of 71.55

GBPINR: 83.9150
This pair is still forming a leading diagonal pattern of which wave e up seems to have ensued. The target on the upside is 85.12, whereas the support on the lower side is pegged at 83.36. Hence, till the swing low of 83.36 is held one can maintain positional buy for the above mentioned target.

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