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USDINR 

Strategy for coming week

Event calendar for USDINR

Buy on dips 82.30

Stop Loss @ 82.00

View: Bullish Target @ 82.80

The USDINR pair is expected to trade in a range between 82.00 and 83.00.

Technical Outlook on Rupee

• Since the past 2 weeks the USDINR pair has been finding support near the 20 Week SMA, which is placed at 82.30 zone.

• The RSI plotted on the daily chart can be seen hovering around the reference line, indicating lack of momentum in the pair.

• Last week the pair attempted to move higher towards the 83.00 zone but failed to gain momentum and close above the 82.75 level. In the coming week we expect the pair to find support near the 20 Week SMA which is placed near the 82.30 zone, a move towards the 82.30 can be considered a buying opportunity, for a target of 82.80-83.00 and maintain a strict stop loss of 82.00.

Fundamental news on USDINR

• In the week that passed by the expectation of the FED opting for a pause played a major role in the Dollar softening. We also had the RBI policy, the outcome of which was broadly in line with what the market was expecting. The centra bank chose to pause the tightening. So, the USDINR pair was broadly in a range and continues to trade between the 82.00 and 83.00

• The coming week will be very busy, as we have significant data releases from most of the major economies, from the US economy we have the inflation data release, followed by the PPI data, then the FOMC policy decision, retail sales, Empire state manufacturing index, Consumer sentiment

USDINR – DAILY CHART

EURINR 

Strategy for coming week

Buy above @ 89.00

Stop Loss @ 88.70

View: Bullish

Target @ 89.70-90.00

The pair seems to be at the brink of a breakout, if we see the prices break and sustain above the 89.00 zone, we might see it head higher towards the 89.70 and eventually towards 90.00

Technical Outlook on EURINR

• Since the past 2 weeks the EURINR seems to be finding support near the 88.20 zone. In the previous week the pair bounced off the 88.20 zone sharply and moved higher towards the 89.00 zone.

• The RSI plotted on the daily chart can be seen heading higher towards the overbought level, indictaing presence of bullish momentum in the pair.

• Going by the price action, the EURINR pair seems to be preparing for a bullish breakout, if the pair manages to sustain above the 89.00 zone, we might see it head higher towards 89.70 and eventually towards the 90.00 level

Fundamental news on EURINR

• There was a no major data releases from the EU, so the direction in the Euro was majorly driven by the direction and the trend of the US Dollar.

• In the coming week, we have the EcB policy decision, wherein the central bank is expected to raise the interest rate by 25 BPS, to curb the inflation. The Euro is expected to react to the price action of the US Dollar after the FED policy decision.

EURINR – DAILY CHART

GBPINR 

Strategy for coming week

Buy on dips @ 103.30

Stop Loss @ 103.00

View: Bullish

Target @ 104.00

The GBPINR pair has seems to be witnessing a bullish breakout, if the pair manages to sustain above the 103.00, we might see it head higher towards the 104.00 followed by 104.50 zone

Technical Outlook on GBPINR

• In the previous week, we saw the Pound open on a slightly negative note, and then head higher as the US Dollar tanked after the expectation of the FED keeping the policy rate unchanged increased.

• From the price action point of view, the pair found support near the 50 Day SMA and bounced off and headed higher and managed to sustain above the 103.30 zone. The RSI plotted on the daily chart can be seen heading higher, indictaing presence of bullish momentum in the pair.

• Going by the price action, if the pair manages to sustain above the 103.00 level, we might see it head higher towards the 104.00 and eventually towards the 104.50 zone.

Fundamental news on GBPINR

• In the previous week, we did not have any major data releases from the UK economy, which could give the pound structural strength.

• In the coming week, we might see the GBP react to the price action in the US Dollar, after the FED policy. From the UK economy we have the GDP data, which is expected to improve a notch.

GBPINR – DAILY CHART

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