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USDINR 

Technical Outlook on Rupee

• In the week that passed by the USDINR moved lower towards the lower end of the consolidation which is placed at 82.00 a level which has acted as a good support level since the past couple of months.

• The RSI plotted on the daily chart can be seen forming a bullish hinge near the 40 mark and heading higher, indictaing presence of bullish momentum in the pair.

• Looking at the price action in the recent past, the pair has been broadly range bound between 83.30 to 81.80. as of now the pair is placed near the lower end of the consolidation. If the trend of the of the past couple of weeks continues, we might see the USDINR pair bounce off the support level and the head higher towards the 82.50 and eventually towards the 82.70 zone.

Fundamental news on USDINR

• The major driver for the US Dollar was the bets of the FED opting for a rate hike in the policy following the July policy.

• The upcoming week could be a very busy one as there are a lot of data releases from all the major economies.

• Starting off with the PMI data both manufacturing and services Followed by the FED policy, GDP, PCE data and the Employment cost index. These data releases are the major releases which could significantly spike up the volatility in the coming week.

EURINR

Technical Outlook on EURINR

• The EURINR moved lower after it tested a high of 92.50, as of now the pair seems to be moving lower towards the 20 Day moving average, which is placed near the 90.50 zone.

• The RSI plotted on the daily chart can be seen heading lower towards the oversold zone, indictaing increasing bearish momentum in the pair.

• Going by the price action, the EURINR pair seems to be bearish, the pair has been constantly forming a lower low lower high pattern and moving lower towards the 20 Day moving average. We would recommend selling the EURINR pair on bounce towards the 91.60 mark with a stop loss of 92.00 and on the downside, we might see the pair find support near the 90.50.

Fundamental news on EURINR

• The EcB members sounded slightly dovish in the press releases, and this put a lot of pressure on the Euro traders.

• The upcoming week is filled with a lot of data releases, staring off with the French and German PMI both manufacturing and services, then the EcB policy and the German CPI data.

GBPINR

Technical Outlook on GBPINR

• In the week that passed by the GBPINR cracked after the CPI data came in lower than the estimates.

• The RSI plotted on the daily chart can be seen moving lower indicating increasing bearish momentum in the pair.

• Going by the price action, the GBPINR pair is forming a classic lower low lower higher patten and making a move towards the 50 Day moving average. We would recommend shorting the pair on a bounce towards 106.00 and maintain a stop loss of 106.50. On the downside we might see the pair head lower towards the 104.00 mark.

Fundamental news on GBPINR

• The UK CPI data coming in lower than expected pushed down the bet of an extremely hawkish Bank of England, which ended the interest rate differential story.

• In the coming week, we have the Flash PMI from the UK economy, other than that we might see the pair react to the changes in the market mood and the direction and the trend of the Dollar index.

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