Thursday, May 26, 2011

Forex : Outlook and Strategy for intraday

USDINR May: The market closed firm yesterday after taking support at 45.16 levels. As long as the support holds, correction is less likely. The resistance is seen 45.45 levels. The break
below 45.16 will confirm a correction towards 45.05 levels in the short term.
EURINR May: The market is expected to trade firm today as long as it holds the support of 63.90 for intraday. The resistance is seen at 64.20-64.25 levels. Prefer to buy on dips around
63.95-64.00 for a target of the resistance with stoploss below 63.85.
JPYINR May: Market if holds below 55.35-55.40 range, should stay weak for the session. The immediate support is seen at 55.15 and then 55.00 levels. We recommend selling on a
pullback towards 55.40 levels for intraday.

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