Thursday, August 25, 2016

Indian Currencies Update : 26.08.2016

Indian Currencies Update : 26.08.2016

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USDINR

The pair opened marginally lower and gradually corrected  throughout the session to end with a nominal loss o f 0.16  percent. During the day, pair precisely tested the immediate support near 67 which also coincides with the 61.8% Fibonacci retracement joining 66.8325 to the top of 67.3250 thus possibility of b ounce  can’t be ruled out. 66.98 / 66.83 are intraday supp ort  whereas 67.11 / 67.22 are the intraday resistance.

GBPINR

The pair opened marginally lower and traded through out  the session with a range of its previous day’s rang e thus  daily candle formed an inside the candle.  daily chart, the price formed a Bullish Divergence  which  was followed by a negative re versal. The said pattern will  be activated if pair closed below 88.38 in that case we  will see another round of sell 88.38.

EURINR

For the third consecutive session, pair opened lower and  corrected during the first half of the session. During the  second half, we saw decent recovery which pared mos t of  its early losses and eventually ended with a nominal loss  of 0.06 percent. The daily  price action formed a Doji pattern indicates indecision.