In the coming week we do not have any major data releases form the Bloc, which could spike up the volatility in the FX markets - Axis Securities Ltd
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Strategy for coming week
Buy near 81.70
Stop Loss @ 81.50
View: Range bound
Target @ 82.50
The pair is expected to remain in a range and trade between 81.50 and 82.50
Technical Outlook on Rupee
• In the previous week the USDINR pair traded with a negative bias, as the banking liquidity issues resurfaced and the FED mellowing down the tone a notch, pushed the US bond yields lower,
• On the daily chart can be seen heading lower towards the over sold, indicating increasing bearish momentum in the pair.
• Technically, the support for the pair is placed near the 81.70-81.50 zone, which we think might be a good level to go long. We recommend a strict stop loss of 81.50 and maintain a target of 82.30 and 82.50
Fundamental news on USDINR
• In the week that passed by we had the Fed policy, the central bank raise the interest by 25 BPS something which was in line with the market expectation, but it was the tone of the members, which was considered as a bit dovish, and the Dollar moved lower.
• In the coming week we have a lot of data releases from the US economy, the major ones being the CPI, PPI and the consumer sentiment
USDINR – DAILY CHART
Strategy for coming week
Sell near @ 90.80
Stop Loss @ 91.30
View: Bearish
Target @ 89.80
View for the pair is Bearish, any move towards the 90.50 level can be used as a selling opportunity, with a strict Stop loss above 91.00 and a target of 89.30 and 88.80
Technical Outlook on EURINR
• Since the past couple of weeks the EURINR pair has been facing rejection around the 90.80 zone. Looking at the price action in the pair, we can expect the pair to face rejection around the 90.80 zone.
• On the daily chart we can see that the EURINR pair has been broadly range bound between 90.80 on the upside and 89.90 on the downside.
• Looking at the price action of the past couple of sessions we expect the pair to trade with a bearish bias in the coming week, any move towards the 90.80 zone could be a good selling point for a target of 89.80 with a strict SL of 91.30
Fundamental news on EURINR
• IN the week that passed by the We had the FED policy which was followed by EcB policy, both the central banks raised the interest rates by 25 BPS, but the ECB sounded more hawkish compared the FED. This gave a major boost to the Euro.
• In the coming week we do not have any major data releases form the Bloc, which could spike up the volatility in the FX markets
Strategy for coming week
Buy on dips near 102.50
Stop Loss @ 101.50
View: Bullish
Target @ 103.80
View for the pair is Bullish, in the previous week the pair broke and sustained above the 102.50 zone, any dip towards the 102.50 can be used as a buying opportunity, with a target of 103.50 and the Stop loss of 101.50
EURINR – DAILY CHART
Technical Outlook on GBPINR
• After facing continuous rejection near the 102.50, the pair finally managed to breach and sustain above the resistance level,. So in the sessions to come we might see the pair head higher towards the 103.80 mark
• As of now the pair is placed well above all its major moving averages, and the RSI plotted on the daily chart can be seen heading higher towards the overbought level, indicating increasing bullish momentum in the pair.
• Looking at the price action we believe that the pair is poised for an up move towards 103.80- 104.00. On the downside the 101.80-101.50 mark is a very crucial zone, if the pair breaches below the 101.50 zone our bullish view on the pair will be negated.
Fundamental news on GBPINR
• In the week that passed by the Pound majorly reacted to the market sentiment and the mood, so the softening dollar acted as a major support for the pair.
• The coming week is going to be very crucial for the Pound, as we have the UK GDP and the BOE monetary policy, the general expectation is that the central bank will raise the interest rates, as the inflation continues to remain higher and the to keep up with the FED.
• Other than the monetary policy, we also have the GDP data, which could spike up the volatility by a notch
GBPINR – DAILY CHART
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