USDINR pair on the weekly chart have been making higher highs and higher lows patterns - Axis Securities
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USDINR
Strategy for coming week
Event calendar for USDINR Buy above 79.30 Stop Loss @ 78.90 View: Bullish Target @ 80
View for the pair is bullish and if the pair break above 79.30 it is likely to see 79.50 and 80 levels on the upside.
Technical Outlook on Rupee
• USDINR pair on the weekly chart have been making higher highs and higher lows patterns. On the daily chart pair is drifting higher and close above 20 SMA and 50 SMA which is denoting pair trend on the higher side. Momentum indicators RSI heading higher denoting bullish momentum.
• If pair break above 79.30 could see prices heading towards 79.50 and 80 on the upside . On the other hand, break below 78.90 would see pair testing 78.50 and 78 on the downside.
USDINR – DAILY CHART
EURINR
Strategy for coming week
Sell below 82.40 Stop Loss @ 83.10 View: Neutral Target @ 81
View for the pair remains Neutral if the pair break below 82.40 it is likely to see 81.60 and 81 levels on the downside
Technical Outlook on Rupee
• EURINR pair on the weekly chart after breaking above the hammer pattern prices have failed to sustain above it. On the daily chart pair closed below the 20 and 50 SMA denoting weakness .
• Momentum indicators RSI heading lower after heading the resistance denotes weakness.
• From the below observation we can conclude that if prices break below 82.40 pair could test 81.60 and 81 on the downside . On the other hand break above 83.10 could see pair testing 84 and 84.50 on the upside.
EURINR – DAILY CHART
GBPINR
Strategy for coming week
Sell below @ 95.30 Stop Loss @ 96.25 View: Bearish Target @ 93.50
View for the pair is bearish a break below 95.30 would push prices towards 94 and 93.50 on the downside.
Technical Outlook on Rupee
• GBPINR pair on the weekly chart have been making lower lows and lows high patterns denoting weakness . On the daily chart pair closed below the 20 and 50 SMA denoting bearish momentum .
• Momentum indicators RSI making lower lows and lows high patterns denoting weakness .
• Break below 95.30 could see prices testing 94 and 93.50 on the downside. On the flipside break above 96.25 could see the pair testing 97 and 98.30 on the upside
GBPINR – DAILY CHART
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