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Published on 13/12/2019 10:20:16 AM | Source: Choice Broking Pvt Ltd

We expect sideways to bearish move in USDINR future towards 70.65 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

* The USDINR closed with negative note during the last trading session.

* Moreover, on the daily chart, the price has been moving down side from last few days, which signifies bearish presence in the counter.

* The price has been trading below its Parabolic SAR, which indicates power to the bears.

* Additionally, momentum indicator RSI has shown negative crossover, which indicates that the bears are in control.

* Hence, we expect sideways to bearish move in USDINR future towards 70.65 level.

 

JPYINR

Technical View:​​​​​​​

* During it’s previous session JPYINR faced pressure and closed with a negative note by 0.05%

* Also, the pair has been trading in a Descending Triangle Pattern, which indicates that the bears are in control.

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

* Additionally, momentum indicator RSI (14) has been moving in a negative crossover, which indicates bearishness in the counter.

* So based on the above technical structure, we expect bearish move in JPYINR towards 65.25 level.

 

GBPINR

Technical View:​​​​​​​

* In the last trading session, GBPINR faced pressure from the upper levels and fell by 0.05%.

* Also the pair has faced resistance near its upper Bollinger Band, which signals that the bears have entered the counter.

* Moreover, the pair has been facing the resistance of the Falling trend line, which signals weakness in the counter.

* Additionally, momentum indicator RSI (14) has been moving in a negative crossover, which indicates bearishness.

* So based on the above technical structure, we expect bearish move in GBPINR future towards 93.18 level.

 

EURINR

Technical View:​​​​​​​

* The EURINR closed with the gain of 0.33% during its previous trading session.

* Moreover, the price has pulled back from the lower Bollinger Band, which adds support in in the counter .

* Similarly, the price has also taken the support of the 50*200 days SMA’s, which provides positive support to the counter.

* Additionally, the price has been taking the support at this level from last few swings.

* So based on the above technical structure, we expect a bullish move in EURINR towards 79.25 level.

 

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