Moneycontrol
Feb 16, 2017 11:02 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 67.40: Choice Equity Broking

Choice Equity Broking has come out with its report on currency. According to the research firm, one can buy USDINR in range 66.95 with SL of 66.75 for the target of 67.40.


Choice Equity Broking's report on Currency

Technical View:

The pair has been trading in falling channel pattern from past few weeks and price has taken the support of its lower band of channel pattern at 66.70 levels on the hourly chart. Moreover, prices have been trading above its 21 HSMA which gives the sign of bullishness in the prices. A momentum indicator RSI has taken support at 25 levels, which suggest further positive momentum can be seen in the prices. In addition, momentum indicator MACD has shown positive crossover and moving above its signal line on an hourly chart. So for trading perspective, one can buy USDINR in range 66.95 with SL of 66.75 for the target of 67.40.   


Outlook

So for trading perspective, one can buy USDINR in range 66.95 with SL of 66.75 for the target of 67.40.


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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