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Published on 26/03/2020 11:49:57 AM | Source: Axis Securities Ltd

USDINR opened with a downward gap and traded with extreme volatility on either side to end on a flat note - Axis Sec

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USDINR

USDINR opened with a downward gap and traded with extreme volatility on either side to end on a flat note. USDINR closed at 76.15 with a loss of 0.02 %.

On the daily chart USDINR has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction USDINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up 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 76.30 level it would witness buying which would lead USDINR towards 76.50- 77 levels. However if USDINR breaks below 76 level it would witness selling which would take USDINR towards 75.70-75.30 levels.

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

 

EURINR

EURINR opened with an upward gap and remained in positive terrain throughout the day. EURINR closed at 82.75 with a gain of 1.47 %.

On the daily chart EURINR has formed a sizable bullish candle forming higher High-low compare to previous session indicating positive bias EURINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. EURINR is sustaining above its 20 and 50 day SMA which signals bullish sentiments in near term.

The chart pattern suggests that if EURINR breaks and sustains below 82.50 level it would witness selling which would lead EURINR towards 82-81.50 levels. However if EURINR crosses above 83 level it would witness buying which would take EURINR towards 83.50-84 levels.

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

 

JPYINR

JPYINR opened on a flat note and traded with extreme volatility on either side. JPYINR closed at 68.72 with a loss of 0.2 %.

On the daily chart JPYINR has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels Since past 3-5 days JPYINR is consolidating within 69.60-68 levels indicating short term consolidation . Currently JPYINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if JPYINR crosses and sustains above 69.50 level it would witness buying which would lead JPYINR towards 70-70.50 levels. However if JPYINR breaks below 68.70 level it would witness selling which would take JPYINR towards 68.50-68 levels.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term.

 

GBPINR

GBPINR opened with an upward gap and buying momentum along with short covering throughout the session led it close near the day's high. GBPINR closed at 89.59 with a gain of 1.64 %.

On the daily chart GBPINR has formed a sizable bullish candle forming higher High-Low compare to previous session and closed above previous session's high indicating positive bias.

GBPINR is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating sustained up trend. GBPINR is trading below 20 day SMA's which is important short term moving average, indicating negative bias in the short to medium term.

The chart pattern suggests that if GBPINR breaks and sustains below 89.30 level it would witness selling which would lead GBPINR towards 89-88.50 levels. However if GBPINR crosses above 89.80 level it would witness buying which would take GBPINR towards 89.50-90 levels. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength.

 

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