Usd inr weekly-hit 64.75 remain buy on dips tgt 64.96 and then 65.7
future this week closed at 64.64 with gain. This was second positive week for us dollar after strong sell off. Usd inr future this week high around 64.76 but still seeing supply from market at higher levels.
For next week, usd inr future trading strategy buy on dips as dollar has made bottom support around 64.5 and 64.3. On downside 64.5 and then 63.3 are strong support zones as well as fresh buying levels. On upside 64.96 and 65.7 are resistance zones as well as fresh reversal rally target zones.
From long term view, usdinr future achieved its 2017 bearish target of 64.8 and now heading for 63.35 levels. At end of 2017 rupee might be seen near 61 rupee if this downside long term market momentum plays out.
Eur inr weekly-hit 69.69 given tgts were 69 and 70.15
Euro rupee future this week closed at 68.21 with gain as recovery rally continues. This was second weekly gains for euro against rupee after last 2 weeks massive sell off. This week eur inr future hit low around 68.4 and high was at 69.69. On daily chart euro crossed resistance of 69 rupee and now heading for 70.15 which will be trend resistance, above it euro will enter bullish zone for big upside target zones up to 70.8 and 71.9.
From long term view, euro rupee future achieved downside target of 68.7 rupee and below it next targets as well as support will be 66 rupee for year 2017.
Gbp inr weekly-strong reversal rally hit high of 83.1
Pound rupee future this week closed at 82.65 with gain. This was second positive week for pound after last 2 weeks strong fall.
We saw strong reversal in pound on snap election news. On daily chart, gbp inr future given strong reversal at 79.8 just above 79.5 zone on news flow. We saw bullish trend breakout and pound achieved its first bullish swing target of 82.9 with great momentum. Above 82.9 next swing target zone will be 85+.on downside 82.2 and 81.5 are strong daily chart support zones. Pound remain buy on dips for next week for big upside targets.
Jpy inr weekly-hit 59.45 target next tgt will be 60.7
Yen rupee future this week closed at 59.28 with gain. This was second strong week for yen on account of risk based buying. On daily chart, jpy inr is in uptrend and is in strong bullish momentum as we seeing every dips is getting bought. Trapped most of the shorts at 57.8 low and from then trending higher and higher. On downside 58.7 and 58.3 are support zones as well as buying zones for fresh short term buyers. On upside 59.45-59.65 and then 60.4 are short term target zones or profit booking levels.
From long term view, yen is in downtrend and now built base around 57 and recovering towards major trend resistance of 60.7 rupees.
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