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Published on 18/05/2020 2:02:52 PM | Source: Axis Securities Ltd

USDINR opened on a flat note but buying led USDINR upwards to end in the green - Axis Securities

Posted in Top Stories| #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 75.86 with a gain of 0.29 %.

* On the daily chart USDINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. Since past 8-10 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 75.70 level it would witness selling which would lead USDINR towards 75.50-75.30 levels. However if USDINR crosses above 76 level it would witness buying which would take USDINR towards 76.30-76.50.

* 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 81.94 with a gain of 0.47 %.

* 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 Lower Top and Lower Bottom formation on the daily chart indicating sustained down trend. EURINR is trading below 20 day SMA's which indicating negative bias in the short term.

* The chart pattern suggests that if EURINR breaks and sustains below 81.80 level it would witness selling which would lead EURINR towards 81.60- 81.40 levels. However if EURINR crosses above 82.10 level it would witness buying which would take EURINR towards 82.40-82.60.

* 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 however buying momentum throughout the session led it to close on positive note. JPYINR closed at 70.89 with a gain of 0.39 %.

* On the daily chart JPYINR has formed a sizable bullish candle and closed above previous session's high indicating positive bias JPYINR continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive 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 70.70 level it would witness selling which would lead JPYINR towards 70.50-70.30 levels. However if JPYINR crosses above 71 level it would witness buying which would take JPYINR towards 71.20-71.50.

* 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 and traded with positive bias in narrow range throughout the day. GBPINR closed at 92.46 with a gain of 0.22 %.

* 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 Lower Top and Lower Bottom formation on the hourly chart indicating sustained down 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 92.60 level it would witness buying which would lead GBPINR towards 92.80-93 levels. However if GBPINR breaks below 92.30 level it would witness selling which would take GBPINR towards 92.10-91.90.

* 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.

 

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