MENU

Published on 16/04/2020 10:34:43 AM | Source: Axis Securities Ltd

EURINR opened with an upward gap and remained lackluster throughout the session - Axis Securities

Posted in Currency Report| #Currency Tips #Axis Securities Ltd

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

USDINR

* USDINR opened with a downward gap however buying momentum throughout the session led it to close on strong note. USDINR closed at 76.72 with a gain of 0.4 %.

* On the daily chart, USDINR has formed a bullish candle and has closed above previous session's high indicating positive bias. Since past five consecutive sessions USDINR continue to consolidate within 76.80-76 levels indicating short term sideways trend. Currently USDINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

* The chart pattern suggests that if USDINR crosses and sustains above 76.80 level it would witness buying which would lead USDINR towards 77.20- 77.50 levels. However if USDINR breaks below 76.50 level it would witness selling which would take USDINR towards 76.30-76.

* 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 with an upward gap and remained lackluster throughout the session. EURINR closed at 83.55 with a gain of 0.32 %.

* On the daily chart EURINR has formed a bullish candle however it remained restricted within previous session's High-Low range indicating absence of strength on either side. Since past 8-10 sessions EURINR continue to consolidate within 83.80-82.30 levels indicating short term sideways trend. Currently EURINR is sustaining above its 20 day SMA which support bullish sentiments in near term. For the day if EURINR trade and sustains above 83.70 levels then it may move further upward towards 84 -84.20 levels.

* On the downside an immediate intraday support is around 83.50 levels. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength

 

JPYINR

* JPYINR opened with an upward gap and remained in positive terrain throughout the day. JPYINR closed at 71.31 with a gain of 1.06 %.

* On the daily chart JPYINR has formed a sizable bullish candle forming higher High-low compare to previous session indicating positive bias JPYINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. 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 71.30 level it would witness buying which would lead JPYINR towards 71.50-71.80 levels. However if JPYINR breaks below 71 level it would witness selling which would take JPYINR towards 72.80-72.50.

* The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength.

 

GBPINR

* GBPINR opened with an upward gap and remained in positive terrain throughout the day. GBPINR closed at 95.82 with a gain of 0.74 %.

* On the daily chart GBPINR has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. GBPINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating sustained up trend. Currently GBPINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

* For the day if GBPINR trade and sustains above 96 levels then it may move further upward towards 96.50-97 levels. On the downside an immediate intraday support is around 95.50 levels.

* The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength.

 

To Read Complete Report & Disclaimer Click Here

 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer