Published on 15/07/2019 9:58:00 AM | Source: Choice Broking Pvt Ltd

We expect bearish move towards 68.30 in USDINR for the day - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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Technical View:

USDINR has recovered by 0.35% during the last day of the week and closed on positive note.

On the daily chart, pair has given trendline breakdown and sustained below it.

Moreover, pair has also traded near its lower Bollinger Band formation , which act as immediate support for the prices.

Moreover, pair has also sustained below 21*50 days Simple Moving Average.

So based on the above structure, we expect bearish move towards 68.30 in USDINR for the day.



Technical View:

JPYINR were slightly positive on Friday session and closed with gain of 0.2%.

On the daily timeframe, pair has been trading between two consecutive trendline, where pair has pulled up from lower line.

However, pair has shifted below 200 and 50 days SMA, which indicates further pressure in the prices.

In additions, a momentum indicator RSI (14) has shown negative crossover, which may keep the prices under pressure.

So based on the above analysis, we expect downward move in JPYINR towards 63.20 level.



Technical View:

GBPINR opened on negative territory and shown further recovery during the day.

On the daily chart, pair has gained from the lower Bollinger band and falling trendline support.

However, pair

Furthermore, a momentum indicator RSI has moved under oversold zone with negative crossover.

Hence, Based on above technical structure we expect bearish movement towards 86 level in GBPINR future.



Technical View:

EURINR opened on positive note and continued the same for the day.

On the daily chart, pair has still been trading below the lower trendline, which indicates bearishness in the counter.

Moreover, pair has sustained below 50 week SMA, which indicates more bearishness in the prices.

On an hourly chart, pair has turned upside from lower Bollinger band.

On the basis of above structure, we expect further negative move in Pair towards 77.10 level.


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