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Published on 12/02/2018 10:05:45 AM | Source: Choice Broking Pvt Ltd

We are expecting JPYINR bearish move towards 58.60 - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

USDINR

Technical View:

On the daily chart, pair has sustained above falling channel formation, where it has been consolidating above the formation.

Price has moved above 21 days EMA, which indicate bullish move in the pair.

Momentum indicator RSI (14) reading is at 60 levels with positive crossover.

MACD has shown positive crossover on daily chart.

On the above technical studies & parameter, we are expecting upward move in the price towards 64.90.

JPYINR

Technical View:

JPYINR has been moving in channel formation; where pair has traded near the lower line of the channel, which indicate pair may give channel breakdown.

Momentum indicator RSI (14) has formed double top pattern with negative crossover; which suggest bearish move for short term.

Moreover, MACD has shown negative crossover on daily chart.

On the above technical studies & parameter, we are expecting bearish move towards 58.60

GBPINR

Technical View:

GBPINR fell from high after taking a resistance of rising trend line on daily chart.

Moreover, pair has sustained below 21 days DEMA, which suggest bearishness for short term.

RSI (14) has turned form overbought zone and MACD has shown negative crossover..

As per the above technical structure, we are expecting further correction in the pair towards 89 levels.

EURINR

Technical View:

EURINR crashed from higher and extended the loss of around 1.78% for the week.

Moreover, RSI (14) has retreated from overbought zone with negative crossover on daily chart.

Furthermore, MACD indicator has also shown negative crossover on daily chart.

Based on the above technical studies or indicator, we expect bearish movement in the prices towards 78.50 levels.

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