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Published on 16/07/2019 1:28:06 PM | Source: Reliance Securities Ltd

NSE USDINR Spot had Gap down opening and then throughout the day traded in the narrow range - Reliance Securities

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

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USDINR

* NSE USDINR Spot had Gap down opening and then throughout the day traded in the narrow range. This has formed small Doii candlestick pattern which suggests indecisiveness as of now. Today's close will provide further clues about the trend.

* The above daily chart shows that prices are continuously finding support of the black as well as red channels. As per this channels, 68.30-68.25 looks immediate bottom and one can expect retracement rally from hereon.

* So any move above 68.85 will indicate that up move has started at least towards channel resistance zone which is at 69.25-69.30 levels.

* However any close below 68.25 can result into panic selling towards 68.00 levels.

STRATEGY:

NSE USDINR July:- Buy in the range of 68.60-68.50 with 68.35 as stop loss and target of 69.10

 

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