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Published on 29/10/2019 10:27:20 AM | Source: Choice Broking Pvt Ltd

We expect bearish move in USDINR (Oct) future towards 70.70 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

USDINR

Technical View:

* USDINR closed with negative note and declined 0.18% in the previous trading session.

* On the daily chart, the pair has been falling down continuously from last few days.

* Moreover, pair has shifted below 21*50 days SMA and below the Parabolic Sar formation.

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

* Hence, we expect bearish move in USDINR (Oct) future towards 70.70 level.

 

JPYINR

Technical View:

* JPYINR has traded negatively during the Friday session and settled with slightly loss.

* On the daily chart, pair has been trading near the lower Bollinger Band formation and below the lower line of Descending Triangle Patterns.

* Moreover, pair has also shifted below 21*50 days Simple Moving Averages and Parabolic Sar, which indicates negative strength for near term.

* However, a momentum indicator RSI (14) and MACD has shown negative crossover.

* So based on the above technical structure, we expect bearish move in JPYINR (Oct) towards 65.15 level.

 

GBPINR

Technical View:

* GBPINR has closed with negative note and drifted 0.73% in the Friday session.

* On the daily timeframe, pair has shifted below the upper line of Rising Channel, which indicates pressure from upper level for near term.

* However, pair sustained above 200 days Simple Moving Average, which is a positive sign for the pair.

* Furthermore, a momentum indicator RSI(14) and MACD has shifted above overbought zone and shown negative crossover, which indicates bearish strength.

* So based on the above technical structure, we expect bearish move in GBPINR (Oct) future towards 90.65 level.

 

EURINR

Technical View:

* EURINR has slipped 0.33% on the Friday trading session.

* On the daily chart, pair has slipped from the 50.00% retracement level of 78.91 of it’s prior down trend, which indicates that trend may remain down further.

* Moreover, pair has shifted below the 200 days SMA, which adds pressure in the counter for near term.

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

* So based on the above technical structure, we expect bearish move in EURINR (Oct) towards 78.62 level.

 

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