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Published on 5/11/2019 10:55:41 AM | Source: Choice Broking Pvt Ltd

We expect bullish move in GBPINR future towards 92 level - Choice Broking

Posted in Top Stories| #Currency Tips #Choice Broking

USDINR

Technical View:

* USDINR were slightly lower during the Monday trading session and settled below 71 levels.

* On the daily chart, the pair has been trading below the Rising Trendline, which adds pressure in the counter.

* Moreover, pair has shifted below 21*50 days SMA and below the Parabolic Sar formation.

* Additionally, a momentum indicator RSI (14) has been moving at the indecisive level.

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

 

JPYINR

Technical View:

* JPYINR has crashed more than half percent during the Monday session.

* On the daily chart, pair has tested 21 days SMA and moved downward, which act as immediate hurdle for the prices.

* 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 positive crossover.

* So based on the above technical structure, we expect sideways to bearish move in JPYINR towards 65.15 level.

 

GBPINR

Technical View:

* GBPINR has started a week on negative note and fell by 0.45% on Monday session.

* On the daily timeframe, pair has sustained above the upper line of Rising Channel, which indicates positive strength.

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

* Furthermore, a momentum indicator RSI(14) and MACD has positive crossover, which indicates bullish strength.

* So based on the above technical structure, we expect bullish move in GBPINR future towards 92 level.

 

EURINR

Technical View:

* EURINR has traded in narrow range during the Monday session and closed the day at flat note.

* On the daily chart, pair has shifted above the 61.80% retracement level of it’s prior down trend, which indicates that trend may reverse.

* Moreover, pair has shifted above the 200 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 towards 79.70 level.

 

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