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Published on 10/12/2019 10:59:41 AM | Source: Choice Broking Pvt Ltd

We expect sideways move with a bullish bias in GBPINR future towards 93.83 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

* The USDINR witnessed pressure and fell by 0.26% during the last trading session.

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

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

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

* Hence, we expect bearish move in USDINR future towards 70.98 level.

 

JPYINR

Technical View:

* During it’s previous session JPYINR faced selling at the upper levels closing down by 0.15%.

* Also, the pair has been trading below its Ichimoku Cloud which indicates that the bears are in control.

* Furthermore, the price has shifted below its 20*50 EMA which is weak for the counter.

* Additionally, the pair’s Heikin Ashi candle has formed a series of strong red candles which signals power in the hands of the bears.

* So based on the above technical structure, we expect bearish move in JPYINR towards 65.51 level.

 

GBPINR

Technical View:

* In the last trading session, GBPINR closed on a weak note by 0.02%.

* 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.

* But, momentum indicator Stochastic (6) has shown a negative crossover which indicates weakness.

* So based on the above mixed technical structure, we expect sideways move with a bullish bias in GBPINR future towards 93.83 level.

 

EURINR

Technical View:

* The EURINR closed in a negative note, falling by 0.44% during its previous trading session.

* On the daily timeframe, the pair been trading below its downward sloping trendline which signals weakness in the pair.

* Moreover, the pair’s Heikin Ashi candle has formed a strong red candle which indicates that the bears are in power.

* Additionally, the pair’s Stochastic (6) is in a negative crossover which signals that the bears have taken control.

* So based on the above technical structure, we expect a bearish move in EURINR towards 78.71 level.

 

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