USDINR opened on a flat note but selling led USDINR downwards to end in red - Axis Securities Ltd
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USDINR
USDINR opened on a flat note but selling led USDINR downwards to end in red. USDINR closed at 74.56 with a loss of 0.29 %. On the daily chart USDINR has formed a bearish candle however it remained restricted within previous session's HighLow range indicating absence of strength on either side USDINR continue to move in past couple of trading session's High-Low range representing lackluster movement. USDINR is trading below 20 and 50 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term The chart pattern suggests that if USDINR breaks and sustains below 74.40 level it would witness selling which would lead USDINR towards 74.30-74.10 levels. Important Resistances for the day are placed at 74.80. 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 downward gap and remained extreme volatile throughout the session. EURINR closed at 84.45 with a loss of 0.05 %. On the daily chart EURINR has formed a small bearish candle forming lower High-low compare to previous session indicating negative bias EURINR is moving in a Lower Top and Lower Bottom formation on the daily chart indicating sustained down trend. EURINR is trading below 20 and 50 day SMA's which indicating negative bias in the short term The chart pattern suggests that if EURINR breaks and sustains below 84.35 level it would witness selling which would lead EURINR towards 84.25-84.15 levels. Important Resistances for the day are placed at 84.80-84.95. The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias
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