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Published on 21/10/2022 10:46:17 AM | Source: Axis Securities Ltd

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

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

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USDINR

USDINR opened with a downward gap and remained negative throughout the day. USDINR closed at 82.78 with a loss of 0.44 %. On the daily chart USDINR has formed a small bearish candle carrying upper shadow indicating resistance at higher levels. USDINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently USDINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term. For the day if USDINR trade and sustains above 83.35 levels then it may move further upward towards 83.55-83.65 levels. On the downside an immediate intraday support is around 82.70 levels. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

EURINR

EURINR opened with downward gap and remained extreme volatile throughout the session.. EURINR closed at 81.28 with a gain of 0.01 %. On the daily chart EURINR has formed a bullish candle however it remained restricted within previous session's HighLow range indicating absence of strength on either side EURINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently EURINR is sustaining above its 20 day and 50 day SMA which support bullish sentiments in near term. For the day if EURINR trade and sustains above 81.65 levels then it may move further upward towards 81.85-82 levels. On the downside an immediate intraday support is around 80.90 levels.. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

JPYINR

JPYINR opened with a downward gap and remained negative throughout the day. JPYINR closed at 55.37 with a loss of 0.51 %. On the daily chart JPYINR has formed a bearish candle however it remained restricted within previous session's HighLow range indicating absence of strength on either side JPYINR is moving in a Lower Top and Lower Bottom formation on the daily chart indicating sustained down trend. 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 breaks and sustains below 55.20 level it would witness selling which would lead JPYINR towards 55-54.80 levels. Important Resistances for the day are placed at 55.90- 56.10. The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias

 

GBPINR

GBPINR opened with downward gap and remained extreme volatile throughout the session.. GBPINR closed at 92.95 with a loss of 0.49 %. On the daily chart GBPINR has formed a small bullish candle with shadows on either side representing extreme volatility as well as indecisiveness amongst participants regarding the direction GBPINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term 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 93.50 level it would witness buying which would lead GBPINR towards 93.95-94.10 levels. However if GBPINR breaks below 92.60 level it would witness selling which would take GBPINR towards 92.55-92.35. 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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