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15 January, 2021 CURRENCIES – DAILY TECHNICAL REPORT

USDINR
MONTH S3 S2 S1 R1 R2 R3
January 72.6500 72.8500 73.0000 73.55000 73.7000 73.8500

Technical Outlook:
 USDINR had a flat open at 73.28 followed by the bearish momentum to mark the day’s low at
73.05 with closure around the same at 73.13
 On the daily chart, the pair has formed a red candle with closure in lower lows and highs thus
continuing with the bearish sentiment
 USDINR has given a closed below all the important moving average on the daily chart, thus
supporting the negative bias
 USDINR if opens below 73.03, it continue with the bearish momentum towards 72.85 – 72.70 and
one can go short. However, an open above 73.15 will lead the pair to test the highs of 73.35 –
73.50.
 The daily strength indicator RSI and momentum oscillator both are heading towards the negative
zone indicating weakness in the pair

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15 January 2021 CURRENCIES – DAILY TECHNICAL REPORT

GBPINR
MONTH S3 S2 S1 R1 R2 R3

January 99.2000 99.4000 99.6000 99.9500 100.1500 100.3000

Technical Outlook:
 GBPINR had a weak open at 99.95 and did trade in red for rest of the session though with
a restricted momentum followed by a flat red closure at 99.79
 On the daily chart, the pair has formed a small red candle with the sideways closure.
 The pair’s closure has come below short term moving averages while holding support at
medium term & long term moving averages
 In today's session, if GBPINR open below the 99.79, it will witness the bearish momentum
towards 99.60 – 99.40 and one can go short for the same.
 The daily strength indicator RSI and momentum oscillator Stochastic both are below their
reference line indicating weakness in the pair.

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15 January 2021 CURRENCIES – DAILY TECHNICAL REPORT

EURINR
MONTH S3 S2 S1 R1 R2 R3
January 88.7000 88.8500 89.0000 89.5000 89.6500 89.8700

Technical Outlook:
 EURINR had a gap down at 89.01 followed by bearish momentum to mark low at 88.81
with closure at 88.93
 On the daily chart, EURINR has formed a red candle with closure in lower lows and highs
indicating weakness in the pair
 The pair has closed below the short term, medium term moving average and long term
moving average
 In today's session, if EURINR breaches the level of 88.88 it will went onto test the lows of
88.70 – 88.50. However, an open above 89.10 can lead the pair to test the highs of 89.25
– 89.50
 The daily strength indicator RSI and momentum oscillator stochastic momentum both
have to weaker zone indicating negative bias

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15 January 2020 CURRENCIES – DAILY TECHNICAL REPORT

JPYINR
MONTH S3 S2 S1 R1 R2 R3
January 69.9000 70.1000 70.3500 70.5000 70.6500 70.8000

Technical Outlook:
 JPYINR had a gap down at 70.39 followed by bearish momentum to mark the day’s low at
70.28 followed by closure in red at 70.34
 On the daily chart, the pair has formed a flat red candle with closure in lower highs and
lows. The pair is accompanied by a long upper shadow on the candle formation indicating
strong resistance at higher levels
 The pair has given closure below all the important moving averages supporting the
negative bias.
 JPYINR if opens on a positive note above 70.43, it can retrace the fall towards 70.60 –
70.80. However, an open below 70.32 will lead the pair towards 70.10 – 70 levels
 The daily strength indicator RSI and momentum oscillator Stochastic is still in a weak zone
thus indicating further bearish sentiment in the pair

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15 January 2021 CURRENCIES – DAILY TECHNICAL REPORT
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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.
N.B. Commodities Research, its directors, officers or employees shall not in any way be responsible for the contents
stated herein. N.B. Commodities Research expressly disclaims any and all liabilities that may arise from information,
errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy
any securities. N.B. Commodities Research, its affiliates and their employees may from time to time hold positions in
securities referred to herein. N.B. Commodities Research or its affiliates may from time to time solicit from or perform
investment banking or other services for any company mentioned in this document.

Address: Nirmal Bang Commodities Pvt. Ltd., B2, 301 / 302, 3rd Floor, Marathon Innova, Opp. Peninsula Corporate Park,
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