Moneycontrol
Jun 08, 2017 05:25 PM IST | Source: Moneycontrol.com

Sell USDINR; target of 64.30 : Choice Equity Broking

Choice Equity Broking has come out with its report on currency. According to the research firm, one can sell USDINR in the range of 64.70 with SL of 65.90 for the target of 64.30 levels.


Choice Equity Broking's currency report on USDINR


On a weekly chart, the pair has given the breakdown of its horizontal channel pattern at 66 levels and price has faced the resistance of its horizontal trend line at 65.30 levels on a daily chart. Moreover, prices have been trading below its 50 DSMA which gives the sign of bearishness in the prices. A momentum indicator RSI has remained below 40 levels, which suggest the possibilities of further downside in the prices. In addition, momentum indicator MACD has shown negative crossover which suggests further downside momentum can be seen in the prices. So for trading perspective, one can sell USDINR in the range of 64.70 with SL of 65.90 for the target of 64.30 levels.

Outlook


So for trading perspective, one can sell USDINR in the range of 64.70 with SL of 65.90 for the target of 64.30 levels.


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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