MENU

Published on 6/12/2019 10:22:28 AM | Source: Choice Broking Pvt Ltd

We expect bearish move in USDINR future towards 71.21 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

USDINR

Technical View:

* The USDINR witnessed pressure falling by 0.40% during the last trading session.

* Also, the price has closed below its 20*50 EMA which signals weakness in the near term.

* Moreover, the price has been trading below its Parabolic SAR which signals negative momentum in the counter.

* Additionally, the momentum indicator Stochastic (6) has made a negative crossover, which indicates that the bears are in control.

* Hence, we expect bearish move in USDINR future towards 71.21 level.

 

JPYINR

Technical View:

* During it’s previous session JPYINR faced selling at the upper levels closing lower by 0.56% for the day.

* Also, the pair has broken down of the Ichimoku Cloud which confirms prices to fall in the near term.

* Furthermore, the price has been trading below its Parabolic SAR which indicates bearishness in the pair.

* Additionally, momentum indicator RSI (14) has breached below its 50 level, which signals bearish strength.

* So based on the above technical structure, we expect bearish move in JPYINR towards 65.47 level.

 

GBPINR

Technical View:

* In the last trading session, GBPINR made new highs but closed near it’s open signaling indecision.

* But, on the daily timeframe the pair has been trading in a upward sloping channel, which signals the counter is in a strong uptrend.

* Moreover, the pair has sustained above its 20*50 EMA confirming bullish momentum in the pair.

* But, momentum indicator RSI (14) has reached around its 70 level which is in the overbought region which signals that the momentum can slow down.

* So based on the above mixed technical structure, we expect sideways to bullish move in GBPINR future towards 94 level.

 

EURINR

Technical View:

* The EURINR closed in a negative note and fell by 0.19% during its previous trading session.

* On the daily timeframe, the pair has faced resistance of the upper “Bollinger Band” which signals bearishness in the near term.

* Moreover, the pair’s Heikin Ashi candle has turned red which indicates that bears have gained strength.

* Additionally, the pair’s Stochastic (6) has made a negative crossover which indicates control to the bears.

* So based on the above technical structure, we expect a bearish move in EURINR towards 79.11 level.

 

To Read Complete Report & Disclaimer Click Here

 

For More choiceindia Disclaimer https://choicebroking.in/disclaimer

 

Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer