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Published on 20/02/2020 11:12:16 AM | Source: Axis Securities Ltd

JPYINR closed at 65.25 with a gain of 0.41 % - Axis Securities

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

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USDINR

USDINR opened on a flat note but buying led USDINR upwards to end in the green. USDINR closed at 71.58 with a gain of 0.33 %.

On the daily chart USDINR has formed a sizable bullish candle forming higher High-Low formation compare to previous session indicating positive bias. Since past 5-6 sessions USDINR continue to consolidate within 71.20 - 71.60 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 71.60 level it would witness buying which would lead USDINR towards 71.80- 72 levels. However if USDINR breaks below 71.50 level it would witness selling which would take USDINR towards 71.30-71.

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

 

EURINR

EURINR opened on a flat note but buying led EURINR upwards to end in the green. EURINR closed at 77.6 with a gain of 0.19 %.

On the daily chart EURINR has formed a Bullish candle but traded within a small range indicating lack of strength EURINR is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating short term downtrend. EURINR is trading below 20 and 50 day SMA's which indicating negative bias in the short term

The chart pattern suggests that if EURINR breaks and sustains below 77.50 level it would witness selling which would lead EURINR towards 77.30-77 levels. However if EURINR crosses above 77.70 level it would witness buying which would take EURINR towards 77.90-78.10.

The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative from the overbought zone and are below their respective reference lines indicating negative bias

 

JPYINR

JPYINR opened with an upward gap and remained in positive terrain throughout the day. JPYINR closed at 65.25 with a gain of 0.41 %.

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 four days JPYINR is consolidating within 65- 65.30 levels indicating short term consolidation. JPYINR is trading below 20 and 50 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term

The chart pattern suggests that if JPYINR crosses and sustains above 65.30 level it would witness buying which would lead JPYINR towards 65.50- 65.70 levels. However if JPYINR breaks below 65.20 level it would witness selling which would take JPYINR towards 65-64.80.

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

 

GBPINR

GBPINR opened on a flat note but buying led GBPINR upwards to end in the green. GBPINR closed at 93.33 with a gain of 0.42 %.

On the daily chart GBPINR has formed a Bullish candle with a long lower shadow indicating buying at lower levels GBPINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently GBPINR is sustaining above its 20 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if GBPINR crosses and sustains above 93.40 level it would witness buying which would lead GBPINR towards 93.70-94 levels. However if GBPINR breaks below 93.20 level it would witness selling which would take GBPINR towards 92.90-92.50.

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

 

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