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USD/INR

Lack of driving force and the FED members in the blackout period, the traders seem to be clue less about the direction of the US Dollar. As of now the market is eagerly waiting for the FED’s forward guidance. After a flattish open near the 81.90 mark and formed a doji candle pattern, indicating inductiveness among the traders As of now the pair is placed below the 20, 50 and the 200 Day EMA. The RSI plotted on the daily chart can be seen getting flattish, indicating lack of bullish momentum in the pair In the sessions to come the pair is expected to find resistance near the 82.20 zone. On the downside we might see support come in near the 81.80 zone.

EUR/INR

The softer dollar, pushed the Euro higher. The EURUSD pair managed to break above the 1.10 mark. The EURINR, opened above the 90.15 mark and moved higher towards the 90.50 zone where it faced a strong rejection. The RSI plotted on the daily chart can be seen heading higher towards the overbought level, indicating presence of momentum in the bullish trend. Going by the price action the pair could find resistance near the 90.50 zone. On the downside we might see the pair head lower towards the 89.80 level.

JPY/INR

The bond yields tanking and the Dollar softening, provided yen with some strength, the USDJPY pair moved lower towards the 133 zone during the day. The USDJPY pair tanking resulted in the JPYINR pair moving higher, towards the 61.30. Tuesday’s price action suggests that, the pair has found support near the 200 day moving average. The RSI plotted on the daily chart can be seen heading higher after forming a bullish hinge near the overbought level, indicating increasing momentum in the bullish trend. Technically, we expect supports to come in around the 200 day moving average (69.80). On the upside we might see the resistance come in near the 61.30 zone

GBP/INR

The direction of the Dollar was the major driver of the Pound. The dollar index pushing higher after a gap down open, put a lot of pressure on the GBP pair. The GBPINR attempted to move higher after a flattish open, but failed to breach above the 102.24 As of now the GBPINR pair seems to be heading lower towards the 20 Day EMA (101.70). The RSI plotted on the daily chart can be seen getting flattish as the pair broadly moves between 101.40 and 102.40. Technically, the GBPINR is consolidating, on the downside we might see the pair find support near the 101.70 zone and on the upside the resistance is placed near the 102.40. Looking at the price action the pair seems to be trading with a bearish tilt, if the pair breaches below the 101.30, we might see a sell off being triggered which could take the pair lower towards the 100.50.

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