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Published on 22/10/2019 10:26:35 AM | Source: Choice Broking Pvt Ltd

We expect bullish move in GBPINR (Oct) future towards 92.35 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

USDINR

Technical View:

USDINR has traded in narrow range during the last day of the week.

On the daily chart, the pair has been falling down consecutively from last three days.

However, pair has sustained near 21 days SMA and above 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 70.80 level.

 

JPYINR

Technical View:

JPYINR were slightly positive during the Friday session and closed it above 65.60 level.

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 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 65.10 level.

 

GBPINR

Technical View:

GBPINR opened on negative note and recovered form the day low on Friday session.

On the daily timeframe, pair has given Channel breakout and sustained above this, 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 92.35 level.

 

EURINR

Technical View:

EURINR has shown slightly gain during the Friday session and closed the week on positive note.

On the daily chart, pair has been rising from last couple of 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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