USDINR pair on the weekly chart making higher highs and higher low formation - Axis Securities
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USDINR
Strategy for coming week
Sell below 82.20
Stop Loss @ 82.55
View: Neutral
Target @ 81
View for the pair is Neutral and if the pair break below 82.20 it is likely to see 81.30 and 81 levels on the downside.
Technical Outlook on Rupee
• USDINR pair on the weekly chart making higher highs and higher low formation. On the daily chart pair has been trading in a range 82.10 and 82.85. Momentum indicators RSI is also moving in a range thus confirming lack of momentum.
• If pair break below 82.20 we could see prices heading towards 81.30 and 81 on the downside . On the other hand, break below 82.55 would see pair testing 83 and 83.50 on the upside.
EURINR
Strategy for coming week
Sell below 80.20
Stop Loss @ 80.90
View: Bearish
Target @ 79
View for the pair remains Bearish if the pair break below 80.20 it is likely to see 79.80 and 79 levels on the downside
Technical Outlook on EURINR
• EURINR pair on the weekly chart break below the previous weeks doji candle denoting the seller are still in the control. On the daily chart pair break above the three day high but failed to close above the same denoting weakness in the prices.
• Momentum indicators RSI is reverting back after hitting the resistance confirming the failure to the pullback in prices.
• From the below observation we can conclude that if prices break below 80.20 pair could test 79.80 and 79 on the downside . On the other hand break above 80.90 could see pair testing 81.50 and 82 on the upside.
GBPINR
Strategy for coming week
Buy above @ 93.50
Stop Loss @ 93
View: Bullish
Target @ 94.50
View for the pair is bullish a break above 93.50 would push prices towards 94 and 94.50 on the upside.
Technical Outlook on GBPINR
• EURINR pair on the weekly chart break below the previous weeks doji candle denoting the seller are still in the control. On the daily chart pair break above the three day high but failed to close above the same denoting weakness in the prices.
• Momentum indicators RSI is reverting back after hitting the resistance confirming the failure to the pullback in prices.
• From the below observation we can conclude that if prices break below 80.20 pair could test 79.80 and 79 on the downside . On the other hand break above 80.90 could see pair testing 81.50 and 82 on the upside.
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