MENU

Published on 20/05/2020 1:14:16 PM | Source: Axis Securities Ltd

JPYINR opened with a downward gap and selling pressure throughout the session - Axis Securities

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

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

USDINR

* USDINR opened with a downward gap and selling pressure throughout the session dragged it lower to close near day's low. USDINR closed at 75.67 with a loss of 0.52 %.

* On the daily chart USDINR has formed a bearish candle forming lower High-low compare to previous session indicating negative bias Since past 10-12 consecutive sessions USDINR continue to consolidate within 76-75 levels indicating short term sideways trend. USDINR 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 USDINR breaks and sustains below 75.60 level it would witness selling which would lead USDINR towards 75.40-75.20 levels. However if USDINR crosses above 75.80 level it would witness buying which would take USDINR towards 76- 76.20.

* 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 remained in positive terrain throughout the day. EURINR closed at 82.8825 with a gain of 0.79 %.

* On the daily chart EURINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. EURINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. Currently EURINR is sustaining above its 20 day SMA which support bullish sentiments in near term.

* The chart pattern suggests that if EURINR breaks and sustains below 82.70 level it would witness selling which would lead EURINR towards 82.50- 82.30 levels. However if EURINR crosses above 83 level it would witness buying which would take EURINR towards 83.30-83.60.

* 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 selling pressure throughout the session led it to close on negative note. JPYINR closed at 70.22 with a loss of 0.93 %.

* On the daily chart JPYINR has formed a small bearish candle forming lower High-low compare to previous session indicating negative bias JPYINR continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias. Currently JPYINR is sustaining above its 20 day SMA which support bullish sentiments in near term.

* The chart pattern suggests that if JPYINR breaks and sustains below 70.20 level it would witness selling which would lead JPYINR towards 70-69.80 levels. However if JPYINR crosses above 70.40 level it would witness buying which would take JPYINR towards 70.60-71.

* 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.

 

GBPINR

* GBPINR opened with an upward gap and remained in positive terrain throughout the day. GBPINR closed at 92.6425 with a gain of 0.39 %.

* On the daily chart GBPINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. GBPINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating sustained up trend. GBPINR is trading below 20 day SMA's which is important short term moving average, indicating negative bias in the short to medium term.

* The chart pattern suggests that if GBPINR crosses and sustains above 92.80 levels it would witness buying which would lead GBPINR towards 93-93.30 levels. However if GBPINR breaks below 92.50 level it would witness selling which would take GBPINR towards 92.30-92.

* 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 an up-move in the near term.

 

To Read Complete Report & Disclaimer Click Here

 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer