USDINR opened on negative note and settled below the previous day close as pair has retreated from 100 days EMA, which indicate further pullback in the prices for medium term. On the daily chart, pair has sustained above falling channel formation, where it has been consolidating above the formation. Momentum indicator RSI (14) reading is at 59.89 levels with negative crossover. MACD has shown negative crossover on daily chart. On the above technical studies & parameter, we are expecting downward move in the price towards 63.60.
* Prices break above the lower low lower high pattern and closed above the swing high placed at 64.26 * ADX=17 indicating prices to remain range bond but RSI, MACD are indicating momentum is building up
* Trend to remain bullish till 64.20 is not broken on the downside
* If prices sustain above 64.20 we might see prices testing 64.65 levels
• USDINR traded higher hitting eight week high with buying by foreign and private banks. Prices were steady till RBI policy where it kept key interest rates unchanged. The stronger dollar against major currencies also supported the rally in USDINR.
• The dollar gained grounds against other major currencies as stronger than expected US jobs especially wages data last week has increased expectations Federal Reserve may hike interest rate more aggressively than earlier expected in 2018.
• Prices are expected to trade sideways to up with support 64.20/64, resistance 64.60/64.75.
EURINR fell for a second day of the week, where pair has pulled back from the high and ended the session below its previous close. Overall, pair has shown continue bullish rally in last couple of the week, which indicate more positive strength in the prices. Moreover, RSI (14) is in bullish mood with positive crossover. Based on the above technical studies or indicator, we expect bullish movement in the prices towards 80.10 levels.
* After making bearish engulfing pattern are heading down
* RSI heading downward and negative divergence in MACD histogram indicating at short term correction
* Trend to remain bullish till 79 is not broken on the downside
* If prices sustain below 79.90 we might see prices testing 79 levels
GBPINR slipped lower on Wednesday with the loss of around 0.5% for the day. GBPINR has been moving in rising channel formation, where price has pulled back from the upper line of the formation. Moreover, RSI (14) has turned form overbought zone and MACD has shown negative crossover. As per the above technical structure, we are expecting further correction in the pair towards 89 levels.
* After making an evening star pattern prices are heading down
* Negative divergence in RSI and negative slope in MACD histogram is indicating at short term correction
* Trend to remain bullish till 88.53 is not broken on downside
* If prices sustain below 89.90 we might we prices testing 89.20
On Wednesday, JPYINR has started on negative note but at the time of closing pair has shown good strength and ended the session above the previous close. JPYINR has been moving in rising channel formation, where price has sustained near the lower line of the channel, which can be a support for the pair. Momentum indicator RSI (14) have seen to positive mood with good strength. Moreover, MACD has shown positive crossover on daily chart. On the above technical studies & parameter, we are expecting bullish move towards 59.50.
* Prices breakout above the lower high lower low pattern and closed above the swing high placed at 58.64
* ADX=32 +DMI>-DMI indicating strong bull trend and RSI,MACD breaking above the consolidation indicating strong bullish momentum
* Trend to remain bullish till 58 is not broken on the downside
* If prices sustain above 58.90 we might see prices testing 59.50 levelsAFTER POST CONTENT
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