GBPINR pair is expected to be between 102.00-103.00 - Axis Securities
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USDINR
The USDINR pair formed a long bullish candle, and printed the low in the opening tick. From the price action point of view, the pair has formed a bullish crossover, i.e. a 20 and 50 crossover. The prices too can be seen moving higher after finding support near the 50 Day moving average. The RSI plotted on the daily chart can be seen forming a bullish hinge and is moving higher towards the overbought level, indicating presence of bullish momentum in the pair. In the sessions to come we might see the resistance come in near the 82.80- 83.00 zone act as a resistance. On the downside we expect the 82.50 zone to act as a support.
EUR/INR
The EURINR, opened with a bearish gap and then consolidated in a 20 paisa range for the rest of the session. From a price action point of view, the pair has formed a small bearish candle, indicating some selloff in the pair, near the 88.70 zone. The RSI plotted on the daily chart can be seen hovering around the oversold zone, indicating lack of bullish momentum in the pair. Going by the price action we might see the pair find resistance near the 88.90 zone. On the downside we might see the support placed near the 88.20 level.
JPY/INR
The Bond yields have been on the boil and have been trading higher. This has put a lot of pressure on the Yen. The USDJPY pair on Monday was trading above the 140.00 zone. This put a lot of pressure on the JPYINR pair, and the and the pair opened with a negative gap and tested a low of 59.14. Looking at the price action one can say that the pair has been trading in a range, between 59.00 and 59.80. As long as these bounds are not breached we might see the pair continue to consolidate, in the above mentioned range.
GBP/INR
The GBPINR pair gapped down below the 103.00 zone and traded with a slight negative bias. As of now the pair managed to close exactly at the 50 Day moving average. The price action in the sessions to come will be crucial to watch. The RSI plotted on the daily chart can be seen forming a bullish hinge near the reference line and heading lower towards the oversold zone, indicating presence of bullish momentum in the pair. In the sessions to come, the 102.90 mark is expected to act as a resistance level, on the downside the immediate support is placed near the 102.00. The broader range from of the GBPINR pair is expected to be between 102.00-103.00
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