Published on 22/08/2019 9:57:19 AM | Source: Choice Broking Pvt Ltd

We expect further upside in JPYINR future towards 67.80 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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Technical View:

USDINR were slightly lower on Wednesday session and closing the day with loss of 0.23%.

On a weekly timeframe, pair has shifted above 50% Retracement levels and traded near to upper Bollinger band formation.

Moreover, pair has moved above 21*50 weeks SMA , which support the bullish trend.

Furthermore, a momentum indicator RSI (14) and MACD is in bullish mode with positive crossover.

Hence, we expect upside move in USDINR future towards 71.95 level.



Technical View:

JPYINR has decreased almost half percent during the Wednesday trades.

On a weekly scale, pair has been moving in Rising Channel but still facing a resistance of upper Bollinger Band formation.

Moreover, pair has settled above 50 days Simple Moving Averages.

Additionally, a momentum indicator RSI (14) and MACD has shown positive crossover, which may support the buying trend.

So based on the above mixed technical structure, we expect further upside in JPYINR future towards 67.80 level.



Technical View:

GBPINR has traded in positive territory with gain of 0.25% on Wednesday session.

On the daily chart, pair has been facing a resistance at Falling Trendline and upper Bollinger Band formation, which may keep the prices downward.

Moreover, pair has traded below 200 days EMA and SMA, which indicates bearish trend in the counter.

So based on the above technical structure we expect bearish move towards 86.25 level.



Technical View:

EURINR traded in narrow range during the session and settled at flat note.

On the daily chart, pair has formed Flag pattern, which is a continuation formation and indicates bullish strength for near term.

Moreover, pair has moved above 200 days SMA, which indicates that trend may remain bullish for long term.

A momentum indicator RSI (14) and MACD ha sustained into positive zone, which may support the bullish trend.

On the basis of above technical formation we expect bullish movement in the Pair towards 79.87 level.


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