JPYINR price has failed to capitalize falling channel breakout on the daily chart, which suggests continuation of the downtrend for the near term.
In addition, price found resistance at the Upper Bollinger ban which is again a bullish condition.
Momentum indicator RSI (14) has found resistance at the overbought zone.
On the above technical studies & parameter, we are expecting upward move towards 58.50.
On the daily chart GBPINR price has sustained above range-bound pattern which suggests bullish reversal.
Price also moved above previous peak which suggests growing optimism.
Price has moved above the middle Bollinger band.
Moreover, RSI (14) is in bullish crossover.
As per the above technical structure, we are expecting bullish move in the pair towards 89.00 levels.
* EURINR trading range for the day is 77.73-78.46.
*Euro remained under pressure after comments from European Central Bank officials hinted at concerns over the currency’s recent strength.
*ECB policymakers may have been caught off guard by the speed of the euro’s appreciation.
* ECB’s Nowotny told reporters the euro’s recent strength is “not helpful,” which encouraged a bout of profit-taking before a policy meeting next week.
* USDINR trading range for the day is 63.71-64.11.
* Rupee extended gains on likely foreign fund inflows into local stocks amid subdued dollar.
* India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022.
* The Federal Reserve Beige Book stated that the US economy continue to expand at a “modest to moderate” pace in December and early January.AFTER POST CONTENT
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