PNB has finally broken a strong resistance of a channel in which it has been stuck since the Corona impacted equity markets.
With the breakout happening with high volumes and a s series of higher lows, we can see that it shall possibly sustain and reach up to the level of 59 in near future. Next target after 59 we can see is 68.
For those who are not already...
USD has been weak internationally. Though the effect on USDINR hasn't been that strong as compared to other currencies, but that doesn't mean that this pair is bullish. Furthermore, on seeing the chart, we can see it has been in a descending triangle since March 2020 and continuously making Lower Highs.
Now, it has reached a strong support area, but a pullback...
GBPINR rose to some of the highest levels recently. But the area it reached is a region where 2 resistance lines reside near to each other. Because of this, it hasn't been able to break that level and seems like it will now fall down. But, the fall shall stop around the levels of 98.00 because of a strong support region.
I am bearish on this pair for next few sessions.
JPYINR has been trending in a range since March 2020. Recently, it has been again towards the upper edge of the range channel. But this time, I am bullish biased on this pair. This is mainly because of 2 reasons:
1. There is an upward trendline which it has been respecting and rather it has just touched it again.
2. There has been a support area which it has been...
EURINR has been around the lower edge of a rising channel. It has not been able to break it since last few sessions. One reason for same could be a support area near the the trendline of the channel which was acting as a resistance during the last few weeks.
I expect the EURINR pair to rise from here and reach to levels of around 90.50. It would be interesting to...
GBPINR didn't bounceback and instead breached the support level to drop further. It is fast approaching another Critical Support level of 93.
I expect it to continue falling back till that level before we see a change in direction.
In my previous update on GBPINR, I informed that it was at a critical level and may decide the next big movement.
It reached the bottom of the support area and we see a strong bullish candle coming up. This could mean it's time for it to move back towards higher levels again.
For those requiring a confirmation, may wait for a green candle again before going long.
GBPUSd reached a critical support level of the trendline. If we see the candle that touched the trendline, buyers have come in control and were able to raise the price instead of a great fall.
For me, it is a false breakout and we can see an upward movement from here.
Probably the next target is 1.297
As published few weeks back, JPYINR is still within the same range, that it has been since last few months.
It touched the lower edge and started again the upward journey.
With the current structure, it probably should reach levels of 72 in next few days.
GBPINR has again come to the region where it starts moving sideways before making a move to either of the directions.
200 EMA is acting as a strong support level at the moment, which also coincides with a key level.
I feel a breakout below this level would mean it dropping to the 93 level. A bounce back from this place would mean that we may go long up till 97.
JPYINR has been range bound for almost 5 months now. Again, it has touched the lowed edge of the range and a critical area to plan the next action.
I personally feel it would bounce up from this point and move again towards 72.00 price range.
GBPINR has been moving within a range since last many days.
Personally, I would plan to open a position when it breaks either of the edge of this channel. Additionally, it looks like there are more chance of it moving towards downside seeing the EMA-20 line.
GBPUSD is in a downtrend since last few sessions on 4H chart.
I see that it might go further down towards 1.3250 levels before it either bounce back up or moves further downward.
My thought is that short-term traders can sell it and exit around 1.3250 before planning the next move.
EURUSD has been range bound since last 6 weeks in an upward channel.
It has now touched the lower edge of the channel now.
I would open a SHORT position if it breaks down the channel. It may go till area of around 1.4800. If it bounce up again, I would go LONG as it may then go above the 1.20 levels.