USDINR has traded in narrow range during the day and closed at flat note.
On the daily chart, the pair has been falling down continuously from last few days. Moreover, pair has shifted below 21*50 days SMA and below the Parabolic Sar formation.
Additionally, a momentum indicator RSI (14) and MACD has shown negative crossover on the daily chart.
Hence, we expect bearish move in USDINR (Oct) future towards 70.65 level.
JPYINR has traded positively during the Wednesday session and settled with slightly gain.
On the daily chart, pair has been trading near the lower Bollinger Band formation and lower line of Descending Triangle Patterns.
Moreover, pair has also shifted below 21*50 days Simple Moving Averages and Parabolic Sar, which indicates negative strength for near term.
However, a momentum indicator RSI (14) and MACD has shown negative crossover.
So based on the above technical structure, we expect bearish move in JPYINR (Oct) towards 65.10 level.
GBPINR has fallen more than half percent during the Wednesday session.
On the daily timeframe, pair has sustained above the Rising Channel’s upper line, which indicates more positivity for near term.
Moreover, pair sustained above 200 days Simple Moving Average, which is a positive sign for the pair. Furthermore, a momentum indicator RSI has shifted above overbought zone.
So based on the above technical structure, we expect bullish move in GBPINR (Oct) future towards 91.65 level.
EURINR has slipped by 0.31% on Wednesday trading session and settled below 79 level.
On the daily chart, pair has slipped from the 61.8% retracement level of 79.31 of it’s prior down trend, which indicates that trend may remain down further.
Moreover, pair has shifted below the 200 days SMA, which adds pressure in the counter for near term.
Furthermore, a momentum indicator RSI (14) and MACD has shown negative crossover on the daily chart.
So based on the above technical structure, we expect bearish move in EURINR (Oct) towards 78.50 level
To Read Complete Report & Disclaimer Click Here
For More choiceindia Disclaimer https://choicebroking.in/disclaimer
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer