12 November 2020 CURRENCIES – DAILY TECHNICAL REPORT

USDINR
MONTH S3 S2 S1 R1 R2 R3
November 74.0000 74.2000 74.3500 74.6500 74.8000 75.0000

Technical Outlook:
 USDINR had weak open at 74.28 and tested the lows of 74.26 for the first half of the
session. The second was followed by reversal in the pair leading it to close in green at
74.47.
 On the daily chart, the pair has formed a green candle and has closed in higher highs and
lows indicating bullish sentiment in the pair
 USDINR is now trading above the short term, medium term and long term moving average
supporting the positive bias.
 USDINR if opens on a weaker note or breaches 74.38, it will witness a bearish momentum
towards 74.20 – 74.. However, breakout of 74.52 levels will lead the pair to test the highs
of 74.65 – 74.80
 The daily strength indicator RSI from the highs and momentum oscillator Stochastic are
trading above their respective reference line indicating positive bias

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12 November 2020 CURRENCIES – DAILY TECHNICAL REPORT

GBPINR
MONTH S3 S2 S1 R1 R2 R3

November 98.0000 98.3000 98.5000 98.9000 99.1000 99.2500

Technical Outlook:
 GBPINR had a flat open at 98.41 and continued with bullish momentum to mark the high
at 98.85. The pair did witness some profit taking to give closure at 98.70
 On the daily chart, the pair has a green candle with closure in higher highs and lows
indicating positive sentiment in the pair.
 The pair’s closure has come above the short term moving average (09 SMA), medium term
average (21 SMA) and the long term moving average (50 SMA)
 In today's session, if GBPINR open below the 98.68, the pair will trade in red towards
98.50 – 98.35. Whereas, a breakout of 98.85 will lead the pair to test the highs of 99 –
99.25.
 The daily strength indicator RSI and momentum oscillator Stochastic both are above the
respective reference line indicating positive bias.

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12 November 2020 CURRENCIES – DAILY TECHNICAL REPORT

EURINR
MONTH S3 S2 S1 R1 R2 R3
November 87.1000 87.3000 87.5000 87.8500 88.0000 88.2500

Technical Outlook:
 EURINR had a positive open at 88 but failed to retained the same leading for profit taking
sessions to mark low at 87.68 with closure at 87.77
 On the daily chart, the pair has formed a red candle with closure sideways indicating that
the pair might have exhausted its bullish trend.
 The pair has closed above the medium term average (21 SMA) , short term moving
average (50 SMA) and long term moving average (09 SMA)
 In today's session, if EURINR breaches the support of 87.75 levels it will move towards
87. 60– 87.30 on the lower side. However, if EURINR maintains the support, it can test
the highs of 87.85 – 88
 The daily strength indicator RSI and momentum oscillator stochastic momentum both are
above their respective reference line supporting the bullish sentiment.

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12 November 2020 CURRENCIES – DAILY TECHNICAL REPORT

JPYINR
MONTH S3 S2 S1 R1 R2 R3
November 70.1000 70.2500 70.4000 70.7000 70.8500 71.1000

Technical Outlook:
 JPYINR had a flat open at 70.58 and remained in sideways momentum for the entire
sessions followed by the flat closure at 70.63
 On the daily chart, the pair has formed a flat green candle with closure sideways
indicating indecisiveness in the pair.
 JPYINR if opens on a positive note above 70.75, can retrace some of the fall towards 70.90
– 71.10. A breach of 70.58 would lead to a continued bearish momentum towards 70.30 –
70.
 The daily strength indicator RSI and momentum oscillator Stochastic are both trading
above their respective reference line indicating positive bias in the pair

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12 November 2020 CURRENCIES – DAILY TECHNICAL REPORT
s

RESEARCH TEAM

Name Designation E-mail

Kunal Shah Head of Research kunal.shah@nirmalbang.com

Devidas Rajadhikary AVP Commodity Research devidas.rajadhikary@nirmalbang.com

Harshal Mehta AVP Commodity Research harshal.mehta@nirmalbang.com

Ravi D’souza Sr. Research Analyst ravi.dsouza@nirmalbang.com

Smit Bhayani Research Associate smit.bhayani@nirmalbang.com

Riya Singh Currency Research Analyst riya.singh@nirmalbang.com

Disclaimer: This Document has been prepared by N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt.
Ltd). The information, analysis and estimates contained herein are based on N.B. Commodities Research assessment and
have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient
only. This document, at best, represents N.B. Commodities Research opinion and is meant for general information only.
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