Pound rupee Currency futures technical analysis for 19 to 23 November 2018.
POUND INR Future Daily Chart Technical Analysis
Pound rupee future of November expiry on Friday closed at 92.29 with gain. On daily chart Pound rupee future price trend and momentum both are very bearish. Pound rupee future 5 day’s and 100 days averages are around 93.15 which will be now act as a strong resistance. Above this 94.25 is 50 days average as well as next target zones Pound rupee future on reversal short covering rally.
Pound rupee future hit November bearish swing target of 92.7 and then heading towards 90.7. Now look given fresh breakdown below 92.7 and heading towards 90.7.
Pound rupee daily chart stochastics is bearish and in oversold zones but with bearish signals. Pound rupee daily chart MACD is below zero with fresh selling momentum signals.
Pound rupee future weekly chart technical analysis
Pound rupee future on weekly chart showing losses for this week. In last 2 weeks Pound corrected from 96 to almost 92 means almost 4 rupee fall or 4% retracement from record highs. On weekly chart, Pound rupee future is in corrective mode and trading below 5 & 20 week’s averages which are around 93.25 & 94 and heading lower towards 50 weeks average which is at 91.25 suggesting strong correction due to profit booking in Pound.
From medium to long term view, Pound rupee future achieved 2018 buy targets of 90-93.9 and then 99 and now correcting towards 90. Below 93.9 expect deeper correction towards major long term support of 90 & 85 rupees. But if goes above 93.9 then bullish trend continuation and levels of 99 and above.
Pound rupee future Weekly chart, stochastics indicator is around 50 with bearish crossovers and with sell signal. Weekly chart MACD is below zero and given sell signal around 96.
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