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Published on 25/10/2019 11:21:50 AM | Source: Choice Broking Pvt Ltd

We expect bullish move in GBPINR (Oct) future towards 91.65 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

USDINR

Technical View:

* USDINR has taken good recovery during the day and closed at positive note.

* 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 70.85 level.

 

JPYINR

Technical View:

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

* On the daily chart, pair has been trading near the lower Bollinger Band formation and 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 65.22 level.

GBPINR

Technical View:

* GBPINR has recovered after falling on the Wednesday session and closed with the gain of 0.34% in the last session.

* On the daily timeframe, pair has sustained above the Rising Channel’s upper line, which indicates more positivity for near term.

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

* Furthermore, a momentum indicator RSI has shifted above overbought zone.

* So based on the above technical structure, we expect bullish move in GBPINR (Oct) future towards 91.65 level.

 

EURINR

Technical View:

* EURINR has gained by 0.16% on Thursday trading session.

* On the daily chart, pair has slipped from the 61.8% retracement level of 79.31 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 78.80 level.

 

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