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Published on 16/05/2019 10:43:52 AM | Source: Choice Broking Pvt Ltd

USDINR opened on negative note and continued the downside for the day - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

USDINR opened on negative note and continued the downside for the day.

On the daily chart, pair has little corrected from upper Bollinger band but still trading above the falling trendline.

Moreover, price has moved above Parabolic Sar indicator, which support bullish trend for near term.

Furthermore, a momentum indicator RSI and MACD has shown positive crossover, which indicates northward trend In the pair.

So based on the above analysis, we expect bullish movement in USDINR towards 70.80 level.

 

JPYINR

Technical View:

JPYINR has shown further recovery in second half of the session and settled on positive note.

On the daily chart, pair has given trendline breakout and sustained near to upper Bollinger band formation.

Moreover, price has moved above 200 days DEMA on the daily chart , which signifies bullish sentiments in the counter.

Furthermore, a momentum indicator RSI (14) and MACD has been moving in bullish direction with positive crossover.

So based on the above technical aspects, we expect bullish movement in JPYINR towards 64.85 level.

GBPINR

Technical View:

GBPINR has slipped almost half percent down during the Wednesday session and settled below 91 levels.

On the daily chart, pair has returned from upper Bollinger band formation and shifted under the Channel.

Moreover, a momentum indicator RSI and MACD has shown negative crossover on the daily chart.

So based on the above technical structure, we expect sideways to bearish move in GBPINR towards 90.60 level.

 

EURINR

Technical View:

EURINR prices fell by 0.4% on Wednesday session and settled below the prior close.

On the daily chart, pair has moved above its multiple resistance and sustained above 100 DEMA.

In addition, pair has moved above 21 days SMA on the daily chart.

A momentum indicator RSI (14) and MACD has shown further strength into positive side.

So based on the above studies, we expect sideways to bullish move in EURINR future towards 79.50 level.

 

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