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Published on 30/05/2019 9:50:41 AM | Source: Choice Broking Pvt Ltd

We expect further upside in JPYINR (June) towards 64.50 level. - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

USDINR has traded in positive direction with gain of 0.24% on Wednesday session.

On the daily chart, pair has taken a support at Rising Trendline and pulled back from there, which indicates immediate support for the prices.

Moreover, the price has been hovering near 50 DEMA on the daily timeframe.

Furthermore, pair has sustained above lower Bollinger band formation, which suggest bullish trend for near term.

So based on the above analysis, we expect bullish movement in USDINR (June) towards 70.35 level.

 

JPYINR

Technical View:

JPYINR edged higher on Wednesday session with gain of 0.29%.

On the daily chart, pair has reversed after taking a support of Symmetrical Triangle pattern breakout point, which indicates bullish movement in the counter.

Moreover, price has been moving above 50 days DEMA on the daily chart, which signifies bullish sentiments for near term.

Furthermore, pair has found the support at lower Bollinger Band formation and pulled back from there.

So based on the above technical aspects, we expect further upside in JPYINR (June) towards 64.50 level.

 

GBPINR

Technical View:

GBPINR opened on positive note and continued the rally for the day.

On a weekly chart, pair has given trend line breakdown and shifted below lower Bollinger band formation, which indicates bearish move in the counter.

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 (June) towards 88.40 level.

 

EURINR

Technical View:

EURINR has traded in narrow range on Wednesday session and closed on negative note.

On the daily chart, pair has been trading between two consecutive line, where it has taken a support at lower Bollinger Band formation and shifted above the trend line.

In addition, pair has still been trading below 50 DEMA on the daily scale.

A momentum indicator RSI (14) has moved lower with negative crossover.

So based on the above studies, we expect sideways to bearish move in EURINR (June) future towards 78 level.

 


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