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USDINR

Strategy for coming week

Buy on dips 82.20

Stop Loss @ 82.00

View: Bullish

Target @ 82.80

The USDINR pair is expected to trade in a range between 82.40 and 83.00.

Technical Outlook on Rupee

* Sin the past 9 month the USDINR pair has been trading in a range between, 80.50 and 83.40. In the previous week, the pair formed a bearish candle with a big upper wick, indictaing selling pressure near the 82.90 zone.

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

* In the recent past we have seen supports come in near the 82.20-82.00 zone, so the price action around this level becomes crucial to watch for, if the pair manages to break below the 82.00, we might see it move lower towards the 81.50 zone.

Fundamental news on USDINR

* With the debt ceiling raise, the traders in the previous week focused on the US NFP data, the figures published by the US Bureau of Labor Statistics (BLS), significantly beat the analysts estimates, this provided the Dollar with a lot of footing, and the Dollar index gathered momentum to end the session above the 104.00 mark.

* In the coming week we have the ISM services PMI data from US on Monday, followed by the unemployment claims on Thursday, other than that the calendar is empty. The major thing that the traders will watch for is the RBI policy on the 8th of this month. As of now the expectation is that the central bank will keep the interest rates unchanged and continue with the pause. Also, the guidance about growth and inflation will be something that the traders will keep a close watch on.

EURINR

Strategy for coming week

Buy on dips @ 88.40

Stop Loss @ 88.20

View: Rangebound

Target @ 88.80-89.00

The pair seems to gathering some buying interest near the 88.20 zone, so we might see some pullback in towards 89.00 mark. We recommend a strict Stop loss of 88.20.

Technical Outlook on EURINR

*Since the past 4 week the EURINR pair has been witnessing major hammering, in the previous week the pair formed a doji candle pattern with a long lower wick, indictaing buying interest near the 88.20.

*The RSI plotted on the daily chart can be seen forming a bullish hinge near the reference line, indictaing exhaustion in the bearish momentum.

* Going by the price action, the EURINR pair seems to attracting buying interest near the 88.20 zone. In the sessions to come we might see the pair witness some recovery after weeks of continues hammering. We would recommending going long on dips towards 88.40 and maintain a strict stop loss of 88.20 and a target of 88.80-89.00

Fundamental news on EURINR

* The data releases from the Euro area in the previous week have been majorly negative, the data from Germany suggested that the bloc could be heading towards a technical recession. This coupled with uncertainty around the debt ceiling put a lot of pressure on the Euro.

* In the coming week, there are a fair few minor data releases nothing that could spike up the volatility big time. So the Euro will again be dependent on the US Dollar for direction and trend.

EURINR – DAILY CHART

GBPINR

Buy on dips @ 102.40

Stop Loss @ 102.00

View: Range bound

Target @ 103.00

The GBPINR pair has been consolidating between 102.00 and 103.00, so any move towards the 102.40 zone can be considered as a buying opportunity for a target of 103.00 and a stop loss of 102.00

Technical Outlook on GBPINR

* In the week that passed by the GBPINR pair, attempted to move below the 102.00 mark but failed to sustain at lower levels and bounced back to close above the 103.00 zone.

* From the price action point of view, the pair found support near the 50 Day EMA which is placed at 101.90, the price action around that level will be crucial to watch. The momentum oscillators plotted in the daily chart suggests that the pair is currently in the oversold territory, so in the sessions to come we might see a bit of a bounce.

* Looking at the price action we might see some up move in the sessions to come, so one can go long on GBPINR near the 102.40 zone and expect the pair to move higher towards the 103.20-103.50 level. We recommend a strict stoploss of 102.00 in this trade.

Fundamental news on GBPINR

* Lately there have not been many market moving data releases from the UK economy. This has led to the pair follow the trend and the direction of the US Dollar.

* In the coming week, we do not have any major data releases from the UK economy, so the pair will be majorly driven by the market mood and sentiment.

GBPINR – DAILY CHART

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