A clear direction for USDINR after a transition period...

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USDINR:

USDINR in daily charts has closed above the previous day high for consecutive two trading day’s which indicates that the trend is in a positive direction. RBI yesterday left Repo and CRR rate unchanged which had depreciated INR, as a result USDINR broke the stiff range of 54.80-54.20.

Now 54.80 will act as a strong support and USDINR can move upto 55.30 which is 61.8% of the retracement of the previous down move (57-54.20) over short term.

In short, our bias for USDINR is positive as far as 54.80is intact. Expect this currency pair to move upto 55.30 in coming trading sesions.

GBPINR:

On Tuesday GBPINR broke the range of 88.50-87 on the upside by breaking the upper extreme of 88.50 and closed at 89.40 

GBPINR can test 89.65 in coming trading session, any move above 89.65 will make high after 6 years and will infuse buying pressure if crossed. Now 88.50 will act as crucia support and 89.65 as resistance

In short, GBPINR is positively biased as it has come out of a transition period. Expect an upmove in this currency pair ovr short term.


EURINR:

After re-testing the upper trendline of the downward sloping channel prices moved in  a positive direction and closed near 72.50 levels. Prices are hovering near the previous top of 72.70, any move above 72.50 will accelerate more buying in this counter.

EURINR bounced back from 38.2% of the retracement of the previous upmove (72.70-67.20) and thereafter a bull run was witnessed in this pair. If 72.70 is crossed, prices will reach 73.10.

In short, our bias continues to be positive for EURINR as it can test and can cross 72.70 in coming trading sessions.

JPYINR:
JPYINR is moving in a downward sloping channel and it has formed lower high lower low pattern. The currency pair is negatively poised as bearish pattern is formed.

Currently prices are quoting near the resistance of the falling channel around 65.57 any move below  65.20 will drag down prices to 64.80. The possibility is high that 64.80 could be breached in coming sessions and new  low of 64.50 would be made.

In short, as far as JPYINR is moving in a downward sloping channel our bias for JPYINR is negative. However we are cautious if it crosses 66.50.

By - Megh Mody
Email- meghmody@yahoo.com
Mobile no.- +919167764085


Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
HDFC Bank
Nifty
11 August 2020 at 15:02
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