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Last Updated : Jun 08, 2017 05:28 PM IST | Source: Moneycontrol.com

Sell USDINR; target of 65.00: 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 65.40 with SL of 65.60 for the target of 65 levels.


Choice Equity Broking's currency report on USDINR


The pair has given a breakdown of its “Symmetrical Triangle” pattern at 66.60 levels on a daily chart. Moreover, prices have been trading below its 50 DSMA which gives the sign of bearishness in the prices. Furthermore, the price has shown a breakdown of its consolidation range from 67.40 to 66.60 levels on a daily chart. A momentum indicator RSI has remained below 45 levels, which suggest further negative momentum can be seen in the prices. In addition, momentum indicator MACD has shown negative crossover and moving below its signal line on a daily chart. So for trading perspective, one can sell USDINR in the range of 65.40 with SL of 65.60 for the target of 65 levels.


Outlook
So for trading perspective, one can sell USDINR in the range of 65.40 with SL of 65.60 for the target of 65 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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First Published on Mar 22, 2017 10:52 am
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