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Last Updated : Dec 21, 2016 11:01 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 68.40: 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 67.90 with SL of 67.60 for target of 68.40.

Choice Equity Broking's report on Currency

Technical View:
The pair has shown breakout of its falling trend line at  67.50 levels on daily chart. On daily chart USDINR price  has retested its falling trend line at 67.20 levels.  On daily chart price has taken support of its 61.80% Fib-onacci retracement levels . Moreover, prices have been trading above its 50 DEMA  which gives the sign of bullishness in the prices.  A momentum indicator RSI has been trading above 40  levels, which suggest further positive momentum can be  seen in the prices.  In addition, momentum indicator MACD has shown  positive crossover on hourly chart.  So for trading perspective, one could buy USDINR in range 67.90 with SL of 67.60 for target of 68.40.  

Outlook
So for trading perspective, one could buy USDINR in range 67.90 with SL of 67.60 for target of 68.40.

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.
First Published on Dec 21, 2016 11:01 am
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