Published on 9/01/2018 10:15:12 AM | Source: Choice Broking Pvt Ltd

We are expecting USDINR correction in the price towards 63.00 - Choice Broking

Posted in | #Currency Tips #Choice Broking


USDINR

Technical View:

On the daily chart of USDINR engulfing pattern has formed which suggests bullish reversal.

The pair has closed with a strong note after several trading sessions.

Furthermore, Momentum indicator RSI (14) found support at the oversold zone and reversing.

On the above technical studies & parameter, we are expecting correction in the price towards 63.00.

JPYINR

Technical View:

JPYINR price has slipped below the range-bound pattern which suggests bearish range shift.

In addition, price has sustained below the major SMAs on the daily frame.

Furthermore, Momentum indicator RSI (14) found support at the oversold zone and reversing.

On the above technical studies & parameter, we are expecting recovery in the price towards 55.60.

GBPINR

Technical View:

On the daily chart GBPINR has found support at the lower side of the symmetrical channel.

Price has been making is lower tops on the daily chart which is expected to provide bearishness to the pair.

Moreover, RSI (14) is in bullish crossover.

As per the above technical structure, we are expecting bullish move in the pair towards 87.50 levels.

EURINR

Technical View:

On the daily chart EURINR has been finding resistance at the falling trend-line which is expected to attract selling in the short term.

Price has been making is lower tops on the daily chart which is expected to provide bearishness to the pair.

Moreover, RSI (14) has shown positive crossover in daily charts.

Based on the above technical studies or indicator, we expect bullish movement in the prices towards 77.50 levels.

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