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Published on 5/12/2019 10:17:18 AM | Source: Choice Broking Pvt Ltd

We expect bearish move in USDINR future towards 71.47 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

* The USDINR pair closed on a negative note falling by 0.24% during the last trading session.

* Also, the price has been trading below its falling trend line, which is resisting it’s up move.

* Moreover, the price has been trading below its Parabolic SAR which signals bearish control in the counter.

* Additionally, the momentum indicator Stochastic (6) has shown a negative crossover, which indicates that the bears are in power.

* Hence, we expect bearish move in USDINR future towards 71.47 level.

 

JPYINR

Technical View:

* During it’s previous session JPYINR witnessed pressure closing lower by 0.12% for the day.

* But, the pair after breaking out from the falling trend line has sustained above it, which signals positive strength in the counter.

* Furthermore, the price has sustained the 20*50 EMA, which confirms that the pair is in a strong uptrend.

* Additionally, momentum indicator Stochastic (6) has shown a positive crossover, which indicates bullish power.

* So based on the above technical structure, we expect sideways to bullish move in JPYINR towards 66.21. level.

 

GBPINR

Technical View:

* GBPINR has shined rising by 0.27% during it’s last trading session.

* Moreover, on the daily timeframe has been trading in its upward sloping channel, which signals the counter is in a uptrend.

* Moreover, the pair has sustained above its 20*50 EMA confirming positive momentum in the pair.

* Also, a momentum indicator Stochastic (6) has been moving with a positive crossover, which signifies power to the bulls.

* So based on the above technical structure, we expect bullish move in GBPINR future towards 93.75 level.

 

EURINR

Technical View:

* The EURINR closed in a negative note and fell by 0.27% during its previous trading session.

* On the daily timeframe, the pair has sustained above its falling trend line, which will act as a support in the near term.

* Moreover, It has closed above the 20*50 Day EMA, which signals bullish strength.

* Additionally, the pair’s Stochastic (6) has made a positive crossover which indicates control to the bulls.

* So based on the above technical structure, we expect a bullish move in EURINR towards 79.62 level.

 

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