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Last Updated : Feb 06, 2017 10:50 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 67.00: Choice Equity Broking

Choice Equity Broking has come out with its report on currency. According to the research firm, one could sell USDINR in range 67.60 with SL of 68 for the target of 67.


Choice Equity Broking's report on Currency

Technical View:
The pair has given the breakdown of its horizontal channel pattern and prices have been retested its breakdown trend line channel pattern at 68 levels on 4 hourly charts. On the hourly chart, the pair has given the breakdown of its rising trend line at 68.20 levels. Moreover, prices have been trading below its 21 HSMA which gives the sign of bearishness in the prices. A momentum indicator RSI has shown bearish range shift at 45 levels, which suggest further negative momentum can be seen in the prices. In addition, momentum indicator MACD has shown negative crossover and moving above its signal line on 4 hourly chart. So for trading perspective, one can sell USDINR in range 67.60 with SL of 68 for the target of 67.   

Outlook
So for trading perspective, one can sell USDINR in range 67.60 with SL of 68 for the target of 67.

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 Feb 6, 2017 10:50 am
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