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Published on 23/01/2020 10:52:54 AM | Source: Axis Securities Ltd

GBPINR opened with an upward gap and witnessed selling for most part of the session - Axis Securities

Posted in Currency Report| #Currency Tips #Axis Securities Ltd

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USDINR

USDINR open on flat note and witnessed profit booking initial hour however buying support at lower levels led it to close on flat note. USDINR closed at 71.22 with a loss of 0.06 %.

On the daily chart USDINR has formed a small Bearish candle with lower shadow indicating buying support at lower levels USDINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. USDINR is trading below 20 and 50 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term

The chart pattern suggests that if USDINR crosses and sustains above 71.30 level it would witness buying which would lead USDINR towards 71.50- 71.70 levels. However if USDINR breaks below 71.10 level it would witness selling which would take USDINR towards 70.90-70.70.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

EURINR

EURINR opened with a downward gap and remained negative throughout the day. EURINR closed at 78.99 with a loss of 0.26 %.

On the daily chart EURINR has formed a sizable bearish candle and closed below previous session's low indicating weakness Since past 5-6 sessions EURINR continue to consolidate within 78.80- 79.30 levels indicating short term sideways trend. EURINR is trading below 20 day SMA's which is important short term moving average, indicating negative bias in the short to medium term

The chart pattern suggests that if EURINR breaks and sustains below 78.90 level it would witness selling which would lead EURINR towards 78.60- 78.30 levels. However if EURINR crosses above 79.10 level it would witness buying which would take EURINR towards 79.30-79.50.

The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative from the overbought zone and are below their respective reference lines indicating negative bias

 

JPYINR

JPYINR opened on a flat note and remained lackluster throughout the session to close on flat note. JPYINR closed at 64.80 with a gain of 0.02 %.

On the daily chart JPYINR has formed a bullish candle however it remained restricted within previous session's High-Low range indicating absence of strength on either side JPYINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. JPYINR is trading below 20 and 50 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term

The chart pattern suggests that if JPYINR crosses and sustains above 64.90 level it would witness buying which would lead JPYINR towards 65.10- 65.40 levels. However if JPYINR breaks below 64.60 level it would witness selling which would take JPYINR towards 64.40-64.20.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

GBPINR

GBPINR opened with an upward gap and witnessed selling for most part of the session. However last hour pullback action pulled GBPINR higher to close on a positive flat note. GBPINR closed at 93.21 with a gain of 0.21 %.

On the daily chart GBPINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. Since past 5-6 sessions GBPINR continue to consolidate within 92- 93.40 levels indicating short term sideways trend. GBPINR is trading below 20 day SMA's which is important short term moving average, indicating negative bias in the short to medium term

The chart pattern suggests that if GBPINR crosses and sustains above 93.30 levels it would witness buying which would lead GBPINR towards 93.50- 93.70 levels. However if GBPINR breaks below 93 level it would witness selling which would take GBPINR towards 92.70-92.50.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength.

 

 

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