IGI Logo

USD/INR

The traders remained on the sideline on Monday as they tried to gauge the impact and extent of the damages that were created by the SVB spillover effect. The recent liquidity crunch has also increased the anxiety of a possible recession in the US economy. On Monday the April futures opened on a slightly positive note and ended the session around the 82.50 zone with an inside candle. The daily stochastics can be seen moving, indicating exhaustion in the bullish momentum of the pair. Technically, the USDINR April futures formed an inside candle, and moved in a tight range between 82.45 and 82.60. From a broader point of view, we might see the pair consolidate between 82.20-82.70

EUR/INR

There were no major triggers to spike up the volatility in the EURINR pair, and with the risk sentiment still jittery the traders remained on the side lines. This pushed the EURO in a tight range. The EURINR April futures, started off on a slightly positive note, but lacked momentum and traders in a tight range. The pair finally ended the session with an inside candle and settled near the 88.97 The stochastics plotted on the daily charts can be seen forming a bearish crossover near the overbought level, indicating exhaustion in the bullish momentum. In the sessions to come we might see the supports placed near the 88.45 zone and on the upside the resistance is placed near the 89.49.

JPY/INR

The US bond yields recovering pushed the USDJPY pair higher above the 131.00 mark, this put a lot of pressure on the JPYINR. After a gap down open the JPYINR pair continues to get hammered and moved lower towards the 63.00 zone. From the price action point of view the pair managed to hold on to the 63.00 zone. This being a psychological level is the key level we will be watching for in the sessions to come. The momentum oscillators have started drifting lower, indicating exhaustion in the pair. The JPYINR pair at the moment is placed at a very crucial level, if we see a breach below the 63.00 mark, we might see some downside towards the 62.80 and 62.50 zone eventually. On the upside we expect the pair to find resistance near 63.50.

GBP/INR

Lack of triggers or stable market mood meant that the Pound lacked any direction. The GBPUSD pair since the past couple of sessions has been moving in a range between 1.21 and 1.23 zone. The April futures opened on a slightly positive note. After getting beaten up in the 1 st half of the session the pair not only managed to recover the loss but also managed to end the session on a positive note. the pair settled at 101.22 with a gain of 0.37%. The stochastic indicator on the daily time frame seems to be forming a bearish hinge near the over bought zone, indicating exhaustion in the bullish momentum. In the sessions to come, we might see the pair find support near the 100.80 mark and on the upside we might see the resistance placed at 101.60-101.80

To Read Complete Report & Disclaimer Click Here
 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer