Weekly Currency Outlook by Axis Securities Ltd
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USDINR
Strategy for coming week
Sell below 76 Stop Loss @ 76.50 View: Neutral to bearish Target @ 75
Technical Outlook on Rupee
* USDINR December contract is making a series of higher highs and higher lows indicating strength in near term. Although we have seen profit booking at higher level. The indicators like Bollinger band seems to be eased off and momentum indicator RSI (14) has given a bearish crossover near the overbought territory.
* From the above evidences, if the pair falls below 76 zones, then correction may extend towards 75.50 and further lower towards 75 levels. Alternatively, a rise above 76.50 may signal a change in trend, which could pull prices towards 77 and higher.
EURINR
Strategy for coming week
Sell below @ 86 Stop Loss @ 86.50 View: Bearish Target @ 85.50-85
Technical Outlook on EURINR
* EURINR December contract is making a series of higher highs and higher lows indicating strength in near term. Although, profit booking has been witnessed at higher levels. The indicators like Bollinger band seems to be extended and momentum indicator RSI (14) has been showing signs of positive momentum.
* Therefore, if the pair falls below 86 then rally may extend towards 85 and further lower levels. Alternatively, a rise above 86.50 would negate our bearish view.
GBPINR
Strategy for coming week
Sell below @ 101 Stop Loss @ 102 View: Bearish Target @ 100-99
Technical Outlook on GBPINR
* The pair has failed to recapture the 50-day SMA.
* We have witnessed profit booking at higher levels. Next important support is placed at 100.80.
* Hence a move above 101.50 is necessary for the pair to gain some momentum. On the lower end, important supports are placed at 101 levels
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