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Published on 18/10/2019 11:21:21 AM | Source: Choice Broking Pvt Ltd

We expect bearish move in USDINR (Oct) future towards 71.00 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

USDINR

Technical View:

* USDINR has been falling from last two days and declined 0.42% in the last session.

* On the daily chart, the pair has pushed back from the upper Bollinger Band formation.

* Moreover, pair has closed below 21*50 days Simple Moving Average, which indicates bearishness in the counter.

* Furthermore, a momentum indicator RSI (14) and MACD has shown negative crossover, which suggest downwards trend for near term.

* Hence, we expect bearish move in USDINR (Oct) future towards 71.00 level.

 

JPYINR

Technical View:

* JPYINR has crashed more than 0.39 percent during the Thursday session.

* On the daily chart, pair has shown a breakdown from the lower Bollinger Band.

* Moreover, pair has also shifted below 21*50 days Simple Moving Averages, 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 65.20 level.

 

GBPINR

Technical View:

* GBPINR has gained 0.43% during the Thursday session and settled on positive note.

* On the daily timeframe, pair has given trendline breakout and sustained above this, which indicates positive zone till 92.15 levels.

* However, pair has crossed upper Bollinger Band formation and 200 days Simple Moving Average, which is a positive sign for the pair.

* Furthermore, a momentum indicator RSI has indicated positive crossover.

* So based on the above technical structure, we expect bullish move in GBPINR (Oct) future towards 92.30 level.

 

EURINR

Technical View:

* EURINR has traded with positive note during the Thursday session.

* On the daily chart, pair has been rising from last few days after taken a support at lower Bollinger Band formation.

* Moreover, pair has shifted above the 21*50 days SMA, which adds support in the counter for near term.

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

* So based on the above technical structure, we expect bullish move in EURINR (Oct) towards 79.50 level.

 

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