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Published on 14/06/2019 9:42:49 AM | Source: Choice Broking Pvt Ltd

We expect sideways to bearish move in GBPINR (June) towards 87.90 level. - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

USDINR has extended the gain for the day and closed the session in positive manner.

On the daily chart, pair has been finding a resistance around 69.80 levels, which indicates immediate hurdle for the prices.

Moreover, pair has shifted below 50 days DEMA on the daily timeframe.

Furthermore, a momentum indicator RSI (14) and MACD has indicated negative crossover on the daily chart.

So based on the above analysis, we expect bearish movement in USDINR (June) towards 69.10 level.

 

JPYINR

Technical View:

JPYINR were slightly lower during the day and settled on negative territory .

On the daily chart, pair has been forming Cup & Handle pattern, which indicates bullish set-up in the pair.

Moreover, price has sustained above 50 DEMA , which may support the buying trend.

Furthermore, a momentum indicator RSI (14) has shown positive crossover, which suggest continue buying strength for near term.

So based on the above technical aspects, we expect further upside in JPYINR (June) towards 64.55 level.

 

GBPINR

Technical View:

GBPINR has started a day with gap down opening and traded in narrow range with loss of 0.29% for the day.

On a weekly timeframe, pair has still been trading below trend line and 21 weeks SMA.

On the daily scale, pair has been facing resistance at upper Bollinger band formation and 50 days DEMA.

In addition, a momentum indicator RSI (14) and MACD has shown negative crossover, which suggest further downside in the prices.

So based on the above technical structure, we expect sideways to bearish move in GBPINR (June) towards 87.90 level.

 

EURINR

Technical View:

EURINR has closed the day on negative note with loss of 0.15%.

On the daily chart, pair has been trading between two consecutive line, where price has retreated from upper Bollinger band and trading near to it.

In addition, pair has consolidated above 50 DEMA on the daily scale.

A momentum indicator RSI (14) and MACD has show positive crossover on the daily timeframe, which suggest northward move in the pair.

So based on the above studies, we expect bullish movement in EURINR (June) future towards 78.93 level.


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