Eur inr weekly-breakout above 71.95 heading for tgt 73.3
Euro rupee future this week closed with loss. After last 3 weeks recovery rally euro seen some profit booking. This week we saw high of almost 73 for euro. In last 4 weeks euro recovered from lows of 70.7 to highs of 73. Total 2.3 rupee or 3% plus gains in short terms. For next week, eur inr future outlook remain bullish and correction will be buying opportunities with stop loss for target 73.3. On downside 71.95 is major support zone closing basis.
Gbp inr weekly-hit 82.2 now recovery rally for tgt 84.6
Pound rupee future this week closed with strong gains. Pound after hitting downside target of 82.2 on sharp selloff taken support at 82.2 and now is in strong recovery rally for target of 84.6 on upside. This week gbp inr hit high of 84.3. On daily chart, gbpinr future price patterns are strong bullish and expect recovery and then might bullish breakout above 84.6 for tgt 86.1. On downside gbp inr future major support zones are 83.3 and then 82.25.
Jpy inr weekly-correction heading for 58.95
Yen rupee future this week closed at 59.18 with loss. Yen after breakout given strong rally up to 60.3 but that was only technical bounce back and after that as expected we saw profit booking and downside for yen. For next week, 58.95 is major support zone and if yen slides below it then expect deep downside up to 57. But reversal from 58.95 will be buying opportunity for target of 60.6. Yen long term view remain bearish and expect record low levels in 2017.
Usd inr weekly-hit 68 and consolidating
Dollar rupee future this week closed with loss at 68.23. On downside we saw low of 67.95 in this week and usd inr future achieved my downside tgt of 68 from 68.5. Below 68, expect strong rupee for tgt 67.45. But as equity market remain volatile we might see large swings on both sides for rupee. On long term chart, dollar is bullish and above 67.7 remain buy for target 69.4.