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Published on 24/01/2020 10:51:46 AM | Source: Axis Securities Ltd

USDINR opened on a flat note but buying led USDINR upwards to end in the green - Axis Securities

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

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USDINR

USDINR opened on a flat note but buying led USDINR upwards to end in the green. USDINR closed at 71.3 with a gain of 0.06 %.

On the daily chart USDINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. USDINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up 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 crosses and sustains above 71.40 level it would witness buying which would lead USDINR towards 71.60- 71.80 levels. However if USDINR breaks below 71.20 level it would witness selling which would take USDINR towards 71-70.80.

The daily strength indicator RSI is moving upwards and above its reference line indicating positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible consolidation or a downmove in the near term

 

EURINR

EURINR opened with an upward gap and witnessed selling for most part of the session. However last hour pullback action pulled EURINR higher to close near day's high. EURINR closed at 79.12 with a gain of 0.12 %.

On the daily chart EURINR has formed a small Bearish candle with lower shadow indicating buying support at lower levels Since past 5-6 sessions EURINR continue to consolidate within 78.80- 79.30 levels indicating short term sideways 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 breaks and sustains below 79 level it would witness selling which would lead EURINR towards 78.60-78.30 levels. However if EURINR crosses above 79.20 level it would witness buying which would take EURINR towards 79.40-79.60.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

JPYINR

JPYINR opened with an upward gap and remained in positive terrain throughout the day. JPYINR closed at 65.05 with a gain of 0.34 %.

On the daily chart JPYINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. JPYINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. 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 crosses and sustains above 65.10 level it would witness buying which would lead JPYINR towards 65.30- 65.50 levels. However if JPYINR breaks below 64.60 level it would witness selling which would take JPYINR towards 64.40-64.20.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

GBPINR

GBPINR opened with an upward gap and remained in positive terrain throughout the day. GBPINR closed at 93.55 with a gain of 0.39 %.

On the daily chart GBPINR has formed a sizable bullish candle forming higher High-low compare to previous session indicating positive bias GBPINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently GBPINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if GBPINR crosses and sustains above 93.60 levels it would witness buying which would lead GBPINR towards 93.80- 94.10 levels. However if GBPINR breaks below 93.40 level it would witness selling which would take GBPINR towards 93-92.70.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

 

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