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Published on 25/11/2022 10:10:38 AM | Source: Axis Securities Ltd

USDINR 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 81.69 with a loss of 0.3 %. On the daily chart USDINR has formed a bearish candle forming lower High-low compare to previous session indicating negative bias USDINR continues to move in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. USDINR 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 USDINR crosses and sustains above 81.80 level it would witness buying which would lead USDINR towards 82-82.20 levels. However if USDINR breaks below 81.60 level it would witness selling which would take USDINR towards 81.40-81.20. 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 with an upward gap and remained lackluster within narrow trading range throughout the day. EURINR closed at 84.83 with a gain of 0.39 %. On the daily chart EURINR has formed a bearish candle however it has continue to form higher High-Low formation indicating positive bias 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 SMA which support bullish sentiments in near term. For the day if EURINR trade and sustains above 85.35 levels then it may move further upward towards 85.55-85.75 levels. On the downside an immediate intraday support is around 84.95 levels. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

JPYINR

JPYINR opened with an upward gap and remained lackluster within narrow trading range throughout the day. JPYINR closed at 59.02 with a gain of 1.88 %. On the daily chart JPYINR has formed a small bullish candle forming higher HighLow formation compare to previous session indicating positive bias. 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. For the day if JPYINR trade and sustains above 59.10 levels then it may move further upward towards 59.35-58.65 levels. On the downside an immediate intraday support is around 58.70 levels. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

GBPINR

GBPINR opened with an upward gap and remained lackluster within narrow trading range throughout the day. GBPINR closed at 98.79 with a gain of 1.14 %. On the daily chart GBPINR has formed a small bullish candle forming higher HighLow formation compare to previous session indicating positive bias. GBPINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently GBPINR is sustaining above its 20 day SMA which support bullish sentiments in near term. For the day if GBPINR trade and sustains above 99 levels then it may move further upward towards 99.25-99.55 levels. On the downside an immediate intraday support is around 98.50 levels.. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

 

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