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Published on 3/04/2020 10:14:55 AM | Source: Axis Securities Ltd

JPYINR opened with a downward gap and remained negative throughout the day - Axis Sec

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

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USDINR

USDINR opened on a flat note and witnessed profit booking initial hour however buying support at lower levels led it to close on flat note. USDINR closed at 75.88 with a loss of 0.11 %.

On the daily chart USDINR has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction Since past couple of sessions USDINR continue to consolidate within 76.20-75.50 levels indicating sideways movement and hence any either side breakout will signal further direction. With current close USDINR continue to manage and hold its 20 day SMA (75.03) which remains a crucial support zone to watch for.

The chart pattern suggests that if USDINR crosses and sustains above 76 level it would witness buying which would lead USDINR towards 76..20-76.60 levels. However if USDINR breaks below 75.60 level it would witness selling which would take USDINR towards 75.30-75 levels.

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

 

 

EURINR

EURINR opened on a flat note however selling pressure throughout the session led EURINR downwards to end near the low of the day. EURINR closed at 83 with a loss of 0.65 %.

On the daily chart EURINR has formed a sizable Bearish candle forming lower High-low compare to previous session and has closed below previous session's low indicating negative bias EURINR is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating short term downtrend. With previous session's low EURINR approaching towards its 20 day SMA (82.87), however any violation of this support zone will signal short term trend reversal.

The chart pattern suggests that if EURINR breaks and sustains below 82.80 level it would witness selling which would lead EURINR towards 82.50-82.30 levels. Important Resistances for the day are placed at 83.50- 83.80 levels.

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

 

JPYINR

JPYINR opened with a downward gap and remained negative throughout the day. JPYINR closed at 69.66 with a loss of 0.36 %.

On the daily chart JPYINR has formed a small bearish candle forming lower High-low compare to previous session indicating negative bias Since past 8-10 sessions; JPYINR is consolidating within 70- 68.20 levels indicating short term consolidation, hence any either side range breakout will indicating further direction. JPYINR is trading below its important moving average of 20 day SMA indicating negative bias in the short to medium term.

The chart pattern suggests that if JPYINR crosses and sustains above 69.80 level it would witness buying which would lead JPYINR towards 70.20- 70.60 levels. However if JPYINR breaks below 69.40 level it would witness selling which would take JPYINR towards 69-68.80.

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

 

GBPINR has opened with a downward gap and traded with negative bias in initial half however buying momentum at lower levels recovered some of the earlier losses. GBPINR closed at 93.56 with a loss of 0.31%.

On the daily chart GBPINR has formed a "Doji" candlestick formation forming lower High-Low compare to previous session indicating negative bias GBPINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating sustained up 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 93.60 levels then it may move further upward towards 94-94.80 levels. On the downside an immediate intraday support is around 93.10 levels.

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

 

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