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Published on 13/03/2020 2:06:18 PM | Source: Axis Securities Ltd

JPYINR opened with an upward gap and remained in positive terrain throughout the day - Axis Securities

Posted in Top Stories| #Currency Tips #Axis Securities Ltd

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USDINR

USDINR opened with an upward gap and remained in positive terrain throughout the day. USDINR closed at 74.45 with a gain of 0.87 %. USDINR opened with an upward gap and buying momentum throughout the session led it to close near day’s high.

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.

The chart pattern suggests that if USDINR crosses and sustains above 74.50 level it would witness buying which would lead USDINR towards 74.80 - 75 levels. However if USDINR breaks below 74 level it would witness selling which would take USDINR towards 73.60 -73.40.

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

 

 

EURINR

EURINR opened on a flat note but selling led EURINR downwards to end in red. EURINR closed at 83.54 with a loss of 0.12 %.

On the daily chart EURINR has formed a small bearish candle carrying long upper shadow indicating resistance at higher levels. EURINR is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating short term downtrend. 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 83.40 level it would witness selling which would lead EURINR towards 83.20 -83 levels. However if EURINR crosses above 84 level it would witness buying which would take EURINR towards 84.40 -84.60.

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 71.68 with a gain of 1.97 %.

On the daily chart JPYINR has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction JPYINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently JPYINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if JPYINR crosses and sustains above 71.80 level it would witness buying which would lead JPYINR towards 72-72.30 levels. However if JPYINR breaks below 71.55 level it would witness selling which would take JPYINR towards 71.30-71.

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

 

GBPINR

GBPINR opened with an upward gap but witnessed selling from the opening tick to end near the day's low. GBPINR closed at 94.73 with a loss of 0.67 %.

On the daily chart GBPINR has formed a sizable bearish candle and closed below previous session's low indicating weakness GBPINR is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating short term downtrend. Currently GBPINR is sustaining above its 20 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if GBPINR breaks and sustains below 94.70 level it would witness selling which would lead GBPINR towards 94.40-94 levels. However if GBPINR crosses above 95 level it would witness buying which would take GBPINR towards 95.50-96.

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

 

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