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Published on 28/05/2019 11:27:11 AM | Source: Choice Broking Pvt Ltd

USDINR has traded at flat note on Monday session and settled near the prior close - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

USDINR has traded at flat note on Monday session and settled near the prior close.

On the daily chart, pair has pulled back form the lower line of Symmetrical Triangle pattern, which indicates immediate support for the prices.

Moreover, the price has moved below 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 towards 70 level.

 

JPYINR

Technical View:

JPYINR has traded with less movement during the day due to US and UK bank holidays.

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

Moreover, price has been moving above 50 days DEMA on the daily chart, which signifies bullish sentiments in the counter.

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 towards 64 level.

 

GBPINR

Technical View:

GBPINR has moved in narrow range on Monday session and settled on flat note.

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 towards 87.70 level.

 

EURINR

Technical View:

EURINR was holding steady on Monday trades.

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 future towards 77.40 level.

 

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