USDINR pair on the week chart price bounces off the 80.50 level - Axis Securities
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Strategy for coming week
Sell below 81.20
Stop Loss @ 82
View: Bearish
Target @ 79
View for the pair is Bearish and if the pair break below 81.20 it is likely to see 80 and 79 levels on the downside.
Technical Outlook on Rupee
• USDINR pair on the week chart price bounces off the 80.50 level. On the daily chart pair has closed below the 20 and 50 SMA. Momentum indicators RSI has given at negative crossover thus confirming bearish movement.
• If pair break below 81.20 we could see prices heading towards 80 and 79 on the downside . On the other hand, break above 82 would see pair testing 82.50 and 83.25 on the upside.
Strategy for coming week
Buy above @ 85
Stop Loss @ 84
View: Bullish
Target @ 87
View for the pair is bullish a break above 85 would push prices towards 86 and 87 on the upside.
Technical Outlook on EURINR
• EURINR pair on the weekly char making higher highs and higher lows formation. On the daily chart pair made long bullish candle and closed above 20 and 50 SMA denoting bullish strength.
• Momentum indicators RSI has given a positive crossover denoting confirming the bullish momentum.
• From the below observation we can conclude that if prices break above 85 pair could test 86 and 87 on the upside . On the other hand break below 83.20 could see pair testing 82 and 81 on the downside.
Strategy for coming week
Buy above @ 97.85
Stop Loss @ 96.60
View: Bullish
Target @ 100
View for the pair is bullish a break above 97.85 would push prices towards 99 and 100 on the upside.
Technical Outlook on GBPINR
• GBPINR pair on the weekly char making higher highs and higher lows formation. On the daily chart pair made afour day high and closed above 20 and 50 SMA denoting bullish strength.
• Momentum indicators RSI has given a positive crossover denoting confirming the bullish momentum.
• From the below observation we can conclude that if prices break above 97.85 pair could test 99 and 100 on the upside . On the other hand break below 96 could see pair testing 95 and 94 on the downside.
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