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Last Updated : Jan 22, 2015 12:40 PM IST | Source: Moneycontrol.com

Sell USDINR below 61.59; target of 61.20: Way2Wealth

Way2Wealth has come out with its report on currencies. According to the research firm, one can sell USDINR below 61.59 for target of 61.20 with a stop loss of 61.75

Way2Wealth's report on currencies

USDINR (61.72)

Since the benchmark indices closed at another all time high, the inflows kept USDINR under pressure during yesterday’s session. The pair once again ended lower but marginally above the support line of 61.59.

Close

At this juncture, the pair is hovering above the mentioned support of 61.59. Any move below the same might lead to further selling pressure. In such scenario, the pair might fall further towards 61.20 mark.

GBPINR (93.34)

In line with our view GBPINR breached Tuesday’s low of 93.33 in yesterday’s session. Later on the pair met our lower target of 93.00 and closed higher.

Now tracking the global and domestic cuss, we continue to remain bearish on the pair. On the downside, 93.00 level might act as an immediate support. A sustainable move below the same might lead to further fall towards 92.50. On the upside, resistance lies at 93.65 – 93.90 levels.

EURINR (71.46)

Yesterday the pair remained flat to negative during the entire session. On the way down, EURINR found support just above the low of ‘Spinning Top’ candle mentioned in our previous reports.

In the upcoming session, the low of 71.22 will remain a crucial support for EURINR. In case a breach of this support level, the pair might witness fresh selling pressure which can drag it below 71.00 mark.

Currency Action Entry Target Stop Loss
USDINR Sell Below 61.59 61.20 61.75
GBPINR Sell Below 93.00 92.50 93.35
EURINR Sell Below 71.22 70.80 71.55

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Jan 22, 2015 12:40 pm
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