Way2Wealth has come out with its report on currencies. According to the research firm, one can Sell USDINR rise at 67.49 for the target of 67.02 with a stop loss of 67.71.
Way2Wealth's report on currencies
USDINR Pair following the dark cloud cover candlestick pattern shed some further gains in the past session. We expect pair to break the low 67.39 and test the lower levels of 67.12. Daily MACD has rolled to the sell side and is on the verge of entering the negative zone.
Pair failed to respect the hammer like candle and opened with a negative gap and after trading in a sideways manner ended with a doji cross. Daily RSI is valued at 27.3 and this can trigger some bounce in the pair.
Pair ended the second consecutive session in red after the breakdown and also ended at the lower levels of 74.65. Daily RSI is valued at 40.51 thus more room is available for further selling.
Pair : USDINR
Action : Sell below
Entry : 67.49
Target : 67.02
Stop Loss : 67.71
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.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jul 11, 2016 10:31 am