Below is the Views On Sell USDINR (Aug) @ 74.97 SL 76 TGT 73 By Sumeet Bagadia, Choice Broking
On the daily chart, USDINR (Aug) has been trading below its “Downward Sloping Trend Line”, which confirms bearish presence.
Moreover, price has sustained below its 20*50 “Simple Moving Averages” which indicates power in the hands of the bears.
Furthermore, prices have been trading below = its “Ichimoku Cloud” which confirms a downward bias in the counter.
Also, momentum indicator Stochastic (6) has given a negative crossover, which confirms negative momentum.
Additionally, RSI (14) has remained below its 50 level which indicates bearishness.
Based on the above technical structure, we expect a bearish movement in USDINR (Aug) towards 73 levels inthe near term.
Sell USDINR (Aug) @ 74.97 SL 76 TGT 73
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