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Published on 21/05/2019 9:50:50 AM | Source: Choice Broking Pvt Ltd

India Rupee gained by 0.76% against USD on Monday after the exit poll numbers - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

India Rupee gained by 0.76% against USD on Monday after the exit poll numbers.

On the daily chart, the pair has shown Gap-down opening and little recovered from the bottom.

Moreover, the price has taken a support at lower Bollinger band but still trading below 100 days DEMA.

Furthermore, a momentum indicator RSI and MACD has shown negative crossover, which indicates downward trend for near term.

So based on the above analysis, we expect bearish movement in USDINR towards 69.40 level.

 

JPYINR

Technical View:

JPYINR were almost one percent down on Monday session and settled below 64 levels.

On the daily chart, pair has tested upper line of Symmetrical Triangle pattern breakout point and moved upward.

Moreover, price has been moving above 100 days DEMA on the daily chart , which signifies bullish sentiments in the counter.

Furthermore, a momentum indicator RSI (14) has shown further correction from overbought zone with negative crossover.

So based on the above technical aspects, we expect further recovery in JPYINR towards 63.80 level.

 

GBPINR

Technical View:

GBPINR fell by 0.83% during first day of the week and settled below 90 level.

On a weekly chart, pair has given trendline 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 towards 88.50 level.

 

EURINR

Technical View:

EURINR edged lower by 0.80% on Monday trades and moved below 79 level.

On the daily chart, price has reversed from upper Bollinger band formation , which acts as resistance zone for the pair.

In addition, pair has tested 100 DEMA support 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 future towards 77.50 level.

 

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