JPYINR pair forming a topping pattern near the 58.30 zone - Axis Securities
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USD/INR
The Dollar index tanked after the NFP data, forcing the USDINR pair to gap down. The pair opened near the 82.76 mark and in the first candle itself printed a low of 82.63. From the daily candle point of view, the pair formed a classic inside candle. The RSI plotted on the daily seems to have formed a bearish hinge near the oversold zone, indicating exhaustion in the bullish momentum in the pair. Technically, USDINR pair seems to have faced rejection near the 82.80 zone. so in the sessions to come we might see this level act as a resistance. On the downside we might see the support come in near the 82.50 zone.
EUR/INR
The EURINR pair reacted to the softer dollar and gapped up and then basically traded in a tight range. During the day the pair attempted to break and move above the 90.70 zone but failed to gain traction and momentum. Towards the end of the session the pair did see some sell off and ended back in the 15 paisa range. On the daily chart the pair formed a small bodied candle with long upper wick, indicating rejection at higher level. The RSI plotted on the daily chart continues to show bullish momentum in the pair. The MACD hints towards the presence of bullishness in the trend. Technically, in the sessions to come, we expect the pair to face rejection near the 90.70-90.80 zone. On the downside we expect the pair to find support near the 90.00
JPY/INR
After a strong down move in the USDJPY pair, it seems to be finding ground near the 142 mark. The slight bounce we saw in the USDJPY pair translated into the JPYINR pair forming a topping pattern near the 58.30 zone. From the price action point of view, the JPYINR pair has formed a candle with a long upper wick, indicating some exhaustion in the bullish trend. The RSI plotted on the daily chart continues to show bullish momentum in the pair. Technically, the pair is expected to face resistance near the 58.40-58.500 zone. On the downside the immediate support is placed near the 58.00 zone, if the pair breaches below the 58.00 zone we might see it head lower towards the 57.50
GBP/INR
The GBPUSD pair faced string rejection near the 1.28 mark and moved lower. The GBPINR pair reacted to the fall in the GBPUSD pair and ended the session on a negative note. From the price action point of view the pair moved lower towards 105.50 zone after it printed a high of 105.94 the highest level since 2013. The RSI plotted on the daily chart seems to be showing fattigue, near the overbought level, hinting towards a possible exhaustion in the bullish momentum in the pair. Technically, in the sessions to come we might see the pair find resistance near the 105.90-106.10 zone. On the downside the supports are placed near the 105.00 mark, if the pair breaches below the 105.00 mark we might see it head lower towards the 104.50.
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