CURRENCY PAIRS

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            USDINR
Prices faced the resistance of 76.4% retracement of the previous downmove (57.10-52) and started to shedding gains as it failed to move above that level. Dollar started to depreciate more against rupee when the upward sloping channel was breached.

Prices completed ending diagonal pattern, a move below  55.50 pulled the prices to lower levels, thus activating bears. As per the wave perspective prices completed wave v  and next leg on the downside has started. In forth coming sessions dollar will further depriciate and USDINR can test 54.80 in coming sessions. Momentum indicator RSI has also changed its path after touching 60.
                                                                                                                     
In short, USDINR will test its support of 54.80 in couple of trading sessions which will appreciate INR.



            EURINR
After a bull run for this currency pair, prices failed to close above its preceding high, thus changing the sentiment of many currency traders.  Prices now will move lower to test 70.50. Momentum Indicator RSI is in the territory of overbought zone and can remain for a week or so.

Prices started to fall steeply, thus giving no opportunity for the bulls to exit their position. Supply started to increase  resulting  into sell off for this currency pair. Prices completed wave v around 72.50 and can now move lower as correction has started. RSI has moved down to 30 and can enter in over sold zone.

In short, it is likely for EURINR to test 70.50 in next trading session. A rise in prices will be an  opportunity for those who missed to sell this currency pair.



GBPINR
The currency  failed to move above its previous high and started to lose its strength. Prices are still above 88 which is a crucial support for it to bounce back.

GBPINR  made a high of 89.50 and failed to take a support at 89 which is the support of the lower trend line of rising channel. Thereafter, prices started falling with no hope to bounce back. Prices took a support of 88, a minor pull back is expected from the current level which can be used for selling opportunity. From the wave perspective majority of INR pairs have completed wave v.

In short, as far as 88 is intact we expect GBPINR to bounce back to 88.50 level. However, we are cautious if GBPINR breaches this level, pulling down prices to 87.50 level


JPYINR
JPYINR is trendless as no movement has been seen for this currency pair from last two months.  Currency traders who want to trade safe can utilize the range of this pair which is 66.70-68.10.

One can expect a heavy consolidation happening in this currency pair, since the JPYINR is hovering near its support JPYINR will move up in coming sessions to test 68 level. Momentum indicator RSI is at 30 and has bounced back earlier from this level as well.

In short, as far as 66.70 is intact our bias is positive and we expect JPYINR to move to its preceding high of 68.

Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
Adani Ports
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12 August 2020 at 14:12
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