USDINR opened with an upward gap and remained lackluster within narrow trading - Axis Securities Ltd
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USDINR
USDINR opened with an upward gap and remained lackluster within narrow trading range throughout the day. USDINR closed at 74.62 with a gain of 0.08 %. On the daily chart USDINR has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction 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 crosses and sustains above 74.70 level it would witness buying which would lead USDINR towards 74.80-74.95 levels. However if USDINR breaks below 73.45 level it would witness selling which would take USDINR towards 73.30-73.20. 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 within narrow trading range throughout the day. EURINR closed at 84.47 with a gain of 0.04 %. On the daily chart EURINR has formed a bearish candle however it remained restricted within previous session's HighLow range indicating absence of strength on either side Since past 5-6 sessions EURINR continue to consolidate within 84.15- 84.80 levels indicating short term sideways 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 crosses and sustains above 84.60 level it would witness buying which would lead EURINR towards 84.70-84.80 levels. However if EURINR breaks below 84.35 level it would witness selling which would take EURINR towards 84.25-84.15. 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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