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Published on 24/01/2019 9:44:49 AM | Source: Choice Broking Pvt Ltd

USDINR has traded in narrow range on Wednesday and settled on a positive note - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

* USDINR has traded in narrow range on Wednesday and settled on a positive note.

* On the daily chart, pair has given a breakout of falling wedge pattern; which indicates bullish setup in the counter.

* Moreover, pair has sustained above 50 days SMA, which suggest upward trend for near term.

* Furthermore, a momentum indicator RSI (14) and MACD has shown positive crossover on the daily chart,

* So based on the above analysis, we expect bullish movement in USDINR (Jan) towards 71.90 level.

 

JPYINR

Technical View:

* JPYINR opened gap down but shown further recovery and ended the session on positive note.

* On the daily chart, pair has given rising trend breakdown; which indicates bearish movement for near term.

* Moreover, pair has shifted below 21 SMA on the daily chart.

* Furthermore, a momentum indicator RSI (14) and MACD has shown negative crossover on the daily chart.

* So based on the above technical aspects, we expect bearish movement in JPYINR (Jan) towards 64.70 level.

 

GBPINR

Technical View:

* GBPINR continued the upward trend with total gain of 0.64% during the day.

* On a weekly chart, pair has found the trend line support at lower levels and bounced back further.

* It additions, pair has sustained above 21 days DEMA on the daily chart.

* Moreover, a momentum indicator RSI (14) and MACD has shifted into positive zone with positive crossover.

* Hence, we expect bullish movement in GBPINR (Jan) towards 93.40 level.

 

EURINR

Technical View:

* EURINR opened gap down and continued the trades on positive note on Wednesday.

* On the daily chart, pair has given falling trend line breakout and sustained above it, which suggest bullishness in the prices.

* In addition, pair has moved above 21 SMA on a daily chart, which indicates more upside in the prices.

* Moreover, a momentum indicator RSI (14) and MACD has shown positive crossover on the daily chart.

* So based on the above studies, we expect bullish movement in EURINR (Jan) future towards 81.60 level.

 

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