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Published on 17/01/2020 11:03:20 AM | Source: Axis Securities Ltd

USDINR closed at 70.99 with a gain of 0.10 % - Axis Securities

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

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USDINR

USDINR opened with a downward gap however buying momentum throughout the session led it to close on a strong note. USDINR closed at 70.99 with a gain of 0.10 %.

On the daily chart USDINR has formed a bullish candle however it remained restricted within previous two session's High-Low range indicating absence of strength on either side Since past 3-4 sessions USDINR continue to consolidate within 70.80 - 71.10 levels indicating short term sideways 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 breaks and sustains below 70.90 levels it would witness selling which would lead USDINR towards 70.60- 70.40 levels. However if USDINR crosses above 71 level it would witness buying which would take USDINR towards 71.30-71.50.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term.

 

EURINR

EURINR opened on a flat note and traded with a positive bias in narrow range throughout the day. EURINR closed at 79.27 with a gain of 0.18 %.

On the daily chart EURINR has formed a small bullish candle forming higher High-low compare to previous session indicating positive bias EURINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up 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 crosses and sustains above 79.30 level it would witness buying which would lead EURINR towards 79.50- 79.70 levels. However if EURINR breaks below 79.10 level it would witness selling which would take EURINR towards 78.80-78.60.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term

 

JPYINR

JPYINR opened with a downward gap however buying momentum throughout the session led it to close on positive note. JPYINR closed at 64.62 with a gain of 0.01 %.

On the daily chart JPYINR has formed a small Bullish candle forming lower High-Low compare to previous session indicating negative bias JPYINR is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating short term downtrend. 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 breaks and sustains below 64.40 level it would witness selling which would lead JPYINR towards 64.20-64 levels. However if JPYINR crosses above 64.80 level it would witness buying which would take JPYINR towards 65-65.30.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term

 

GBPINR

GBPINR opened on a flat note but buying led GBPINR upwards to end near the high of the day. GBPINR closed at 92.73 with a gain of 0.4 %.

On the daily chart GBPINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. GBPINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up 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 92.80 level it would witness buying which would lead GBPINR towards 93-93.20 levels. However if GBPINR breaks below 92.50 level it would witness selling which would take GBPINR towards 92.20-91.90.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term

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