Sell USDINR below 61.60; target of 61.30: Way2Wealth

 Way2Wealth's report on currencies

USDINR (61.66)

Yesterday the PINR managed to dominate the greenback on continuous inflows in domestic share and debt market ahead of the CPI and IIP numbers. As a result USDINR closed the session in red.

Day before yesterday the pair attempted to clear the upside resistance of the band 61.60 – 61.75 and in previous session the pair almost tested 61.60 mark. Now in the coming session, a favorable outcome from the CPI and IIP data will only decide the further trend for the pair.

GBPINR (97.80)

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It was another disappointing session for GBPINR as the pair collapsed after a firm opening in yesterday’s session. The pair nosedived from its high of 98.29 in the final hour of the session to close at day’s low below the 98 mark.

Yet again the pair failed to sustain above 98.20 level. Therefore in the coming session on the downside, breach of 97.70 level might trigger sharp downside in the pair.

EURINR (76.91)

Yesterday EURINR initially made a decent attempt to surge higher and clear the 77 mark. However, the selling pressure in the second half forced the pair to close the session on a flat note.

Although the ‘Island Reversal’ pattern on the daily chart is still intact but we are witnessing a ‘Symmetrical Triangle’ breakdown on the hourly chart. Now in case if the pair sustains below 76.65 level then it can drag towards 76.33 level and completely negate the daily bullish pattern.

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