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USDINR

Strategy for coming week

Event calendar for USDINR Sell below 82.30

Stop Loss @ 83.15

View: Neutral

Target @ 80.90

View for the pair is Neutral and if the pair break below 82.50 it is likely to see 81.30 and 80.90 levels on the downside.

Technical Outlook on Rupee

* USDINR pair this week traded in the previous weeks trading range. On the daily chart pair has been trading in a range 82.30 and 83.15. Momentum indicators RSI has given at negative crossover thus prices could break lower if support is broken on the downside.

* If pair break below 82.30 we could see prices heading towards 81.30 and 80.90 on the downside . On the other hand, break above 83.15 would see pair testing 83.55 and 84 on the upside.

Fundamental news on USDINR

* The October Manufacturing PMI registered 50.2 percent, 0.7 percentage point lower than the 50.9 percent recorded in September. This figure indicates expansion in the overall economy for the 29th month in a row after contraction in April and May 2020.

* The number of job openings increased to 10.7 million on the last business day of September. The number of hires edged down to 6.1 million, while total separations decreased to 5.7 million.

* Private sector employment increased by 239,000 jobs in October and annual pay was up 7.7 percent year-over-year.

* The Federal Reserve said it was raising its key interest rate by 0.75 percentage points, lifting it to its highest rate since early 2008. The latest increase takes the bank's benchmark lending rate to 3.75% - 4%, a range which is the highest since January 2008.

EURINR

Strategy for coming week

Sell below 80.80

Stop Loss @ 81.50

View: Bearish

Target @ 79.50

View for the pair remains Bearish if the pair break below 80.80 it is likely to see 80 and 79.50 levels on the upside

Technical Outlook on EURINR

* EURINR pair on the weekly chart closed below the previous week low. On the daily chart pair has been makijng lower lows and lower highs pattern denoting weakness.

* Momentum indicators RSI is heading lower confirming the bearish momentum.

* From the below observation we can conclude that if prices break below 80.80 pair could test 80 and 79.50 on the downside . On the other hand break above 81.50 could see pair testing 82 and 82.50 on the upside.

Fundamental news on EURINR

* The real (price-adjusted) turnover of retail enterprises in Germany was 0.9% and the nominal (not price-adjusted) turnover was 1.8% higher in September 2022 than in August 2022.

* In the third quarter of 2022 Italian Prelim Gross Domestic Product increased by 0.5 per cent with respect to the previous quarter and by 2.6 per cent over the same quarter of previous year.

* Euro area annual inflation is expected to be 10.7% in October 2022, up from 9.9% in September according to a flash estimate from Eurostat.

* Germany Manufacturing Purchasing Managers’ Indexmoved further below the 50.0 no-change mark that separates growth from contraction in October. At 45.1, down from September's 47.8.

GBPINR

Strategy for coming week

Sell below @ 92.40

Stop Loss @ 93.80

View: Bearish

Target @ 91

View for the pair is bearish a break below 92.40 would push prices towards 91.50 and 91 on the downside

Technical Outlook on GBPINR

* GBPINR pair on the weekly chart closed below the previous week low. On the daily chart pair has been making lower lows and lower highs pattern denoting weakness.

* Momentum indicators RSI is heading lower confirming the bearish momentum.

* From the below observation we can conclude that if prices break below 92.40 pair could test 91.50 and 91 on the downside . On the other hand break above 93.80 could see pair testing 94.50 and 95.50 on the upside

Fundamental news on GBPINR

* UK Manufacturing Purchasing Managers’ Index fell to a 29-month low of 46.2 in October, down from 48.4 in September but above the earlier flash estimate of 45.8. The PMI has remained below the neutral 50.0 mark for three consecutive months.

* UK Services PMI Business Activity Index registered 48.8 in October, down from 50.0 in September and the lowest reading since January 2021.

* The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 2 November 2022, the MPC voted by a majority of 7-2 to increase Bank Rate by 0.75 percentage points, to 3%.

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