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Published on 9/04/2020 11:00:54 AM | Source: Axis Securities Ltd

GBPINR opened on a flat note however buying momentum led - Axis Securities

Posted in Currency Report| #Commodity Tips #Axis Securities Ltd

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USDINR

* USDINR opened with an upward gap and buying momentum along with short covering throughout the session led it close near the day's high. USDINR closed at 76.72 with a gain of 0.81 %.

* On the daily chart USDINR has formed a bullish candle forming higher High-Low formation compare to previous session indicating positive bias. Since past three consecutive sessions USDINR continue to consolidate within 77.80-76 levels indicating short term sideways trend. Currently USDINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

* The chart pattern suggests that if USDINR crosses and sustains above 76.80 level it would witness buying which would lead USDINR towards 77- 77.50 levels. However if USDINR breaks below 76.50 level it would witness selling which would take USDINR towards 76.30-76 levels.

* The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term.

 

EURINR

* EURINR opened with an upward gap and buying momentum along with short covering throughout the session led it close near the day's high. EURINR closed at 83.24 with a gain of 0.66 %.

* On the daily chart EURINR has formed a sizable bullish candle forming higher High-Low compare to previous session and closed above previous session's high indicating positive bias. Since past 6-8 sessions EURINR continue to consolidate within 83.80-82.30 levels indicating short term sideways trend. Currently EURINR is sustaining above its 20 day SMA which support bullish sentiments in near term.

* For the day if EURINR trade and sustains above 83.30 levels then it may move further upward towards 83.60-84 levels. On the downside an immediate intraday support is around 83 levels.

* The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength.

 

JPYINR

* JPYINR opened with an upward gap and remained in positive terrain throughout the day. JPYINR closed at 70.19 with a gain of 0.85 %.

* On the daily chart JPYINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. Since past 4 sessions, JPYINR is consolidating within 70.60- 69.40 levels indicating short term consolidation, hence any either side range breakout will indicating further direction. Currently JPYINR is sustaining above its 20 day SMA which support bullish sentiments in near term.

* The chart pattern suggests that if JPYINR crosses and sustains above 70.30 level it would witness buying which would lead JPYINR towards 70.80 - 71 levels. However if JPYINR breaks below 70 level it would witness selling which would take JPYINR towards 69.80-69.50.

* The daily strength indicator RSI is moving upwards and above its reference line indicating positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible consolidation or a down move in the near term.

GBPINR

* GBPINR opened on a flat note however buying momentum led it upwards to end near day's high. GBPINR closed at 94.48 with a gain of 1.23 %.

* On the daily chart GBPINR has formed a sizable bullish candle forming higher High-Low compare to previous session and closed above previous session's high indicating positive bias. Since past 5 sessions GBPINR continue to consolidate within 95 - 93 levels indicating short term sideways trend. Currently GBPINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

* For the day if GBPINR trade and sustains above 94.50 levels then it may move further upward towards 95-95.50 levels. On the downside an immediate intraday support is around 94.20 levels.

* The daily strength indicator RSI is moving upwards and above its reference line indicating positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible consolidation or a down move in the near term.

 

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