Euro rupee future hit my target 71.65 heading for 70.2
Eur inr future this week closed with loss at 70.94. This was third losing week for euro future and in these 3 weeks we saw almost 3 rupee drop in euro. Below 73.7, euro was under pressure and achieved my bearish target of 71.65 and now heading for 70.2 zone. Which is next major support as well as eur inr target for next week. On upside 71.3 and 71.65 are strong resistance zones for next week.
Pound rupee correction touch support 84.4
Gbp inr future this week closed with loss at 84.53. This was second week of loss for pound and in these 2 weeks we saw almost 3 rupee correction in pound. On longer term charts, gbpinr future is bouncing back from historic lows after sharp fall of brexit. For next week, my gbp inr outlook is bullish and strategy will remain buy on dips. Above 84.4 keep buy on dips view and expect 87 and 88.6 as target zones for short to medium terms. If closes below 84.4 for more than 2 session then it will be fresh down trend sell signal for deep downside target of 82.9.
Yen rupee hit my tgt 58.65 heading for 56.4
Jpy inr future this week closed with another big loss at 57.49. This was sixth losing week for yen and in these 6 weeks period yen tumbled from highs of 66 to lows near 57. Total 9 rupee or 14% drop in Japanese currency against Indian rupee. For next week,remain weak and trading strategy will remain sell on rise. Yen after weak opening in December achieved my downside target of 58.65 and now heading for my next bearish target zone of 56.4 rupee.
Usd inr future remain sell below 68.02
closed with gain. As expect dollar is bouncing back from oversold zones on daily chart and heading towards 68 rupee levels. In last 2 weeks we saw sharp selloff in USD on and from almost 69 hit low nest 67.4. for next week, remain bearish as 68 is strong resistance and RBI most likely to defend it as well as market bottoming out so expect positive inflow from FII might boost rupee before pre budget rally. On downside 67.1 is final target for December series with stop loss above 68.1.