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Published on 27/04/2020 10:59:11 AM | Source: Axis Securities Ltd

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

Posted in Currency Report| #Commodity 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 76.28 with a gain of 0.21 %.

* On the daily chart USDINR has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction Since past three weeks USDINR is consolidating within 77-76 levels indicating short term consolidation . With previous session's low USDINR is approaching towards 20 Day SMA(76.12) support zone which remains a crucial support zone.

* The chart pattern suggests that if USDINR breaks and sustains below 76.20 level it would witness selling which would lead USDINR towards 76- 75.80 levels. However if USDINR crosses above 76.40 level it would witness buying which would take USDINR towards 76.60-76.80.

* 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 on a flat note and remained lackluster throughout the session to close in green. EURINR closed at 82.25 with a gain of 0.27 %.

* On the daily chart EURINR has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction EURINR is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating short term downtrend. EURINR is trading below 20 day SMA's which indicating negative bias in the short term.

* For the day if EURINR trade and sustains above 82.40 levels then it may move further upward towards 82.60-82.80 levels. On the downside an immediate intraday support is around 82 levels.

* The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias.

 

JPYINR

* JPYINR opened with a downward gap and traded with extreme volatility on either side to end on a flat note. JPYINR closed at 70.88 with a gain of 0.14 %.

* On the daily chart JPYINR has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction 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 crosses and sustains above 71.10 level it would witness buying which would lead JPYINR towards 71.30-71.60 levels. However if JPYINR breaks below 70.80 level it would witness selling which would take JPYINR towards 70.50-70.30.

* 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 an upward gap and remained in positive terrain throughout the day. GBPINR closed at 94.305 with a gain of 0.22 %.

* On the daily chart GBPINR has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction GBPINR continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias. Currently GBPINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

* The chart pattern suggests that if GBPINR breaks and sustains below 94 level it would witness selling which would lead GBPINR towards 93.50 - 93.30 levels. However if GBPINR crosses above 94.40 level it would witness buying which would take GBPINR towards 94.70-95.

* 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.

 

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