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USD/INR

As we get closer to “1 st JUNE”, the date beyond which the US government may default, so basically the Debt ceiling deadline, the traders seem to be getting more and more anxious. The traders waited on the sideline ahead of the Retail sales data, which pushed the USDINR pair traded in a tight 13 paisa range. The 200 day moving average has acted an a halting point for the pair, if we look at the price action of the past few sessions we can see that the pair is finding resistance around the 200 and the 50 day moving averages. So in the sessions to come the price action around the 82.30-82.45 zone will be crucial to watch for. On the downside we have seen buying come in around the 81.80-82.00 zone. So the broader range over the next couple of session is expected to be between 81.80- 82.45

EUR/INR

Today we had the ZEW Economic sentiment, which came in way lower than expected. The recent data releases from Germany and the bloc have been a bit downbeat, this coupled with the recent statements by the members of the EcB, and the overall uncertainty around the banking system stability and the Debt ceiling has put a lot of pressure on the EURO. The EURINR pair was very volatile after a slightly positive open. From the price action point of view the pair did manage to hold the 50 day moving average, but then ended the session with a Doji like candle pattern. The RSI plotted in the daily chart can be seen forming a bullish hinge near the oversold level, indicating increasing bullish momentum in the pair. Technically, the EURINR pair can be expected to find resistance near the 90.00 handle. On the downside we might see some buying interest around the 89.40 zone

JPY/INR

The upside momentum in the USDJPY pair stalled as it approached the 136.00 zone. This translated in the JPYINR pair holding on the 60.50 zone. Today the pair opened stronger, but the lack of momentum, led to the JPYINR closing with an inside candle. The RSI plotted on the daily chart can be seen getting flattish, indicating exhaustion in the momentum. The price action suggests that the 60.50 level could act as a support in the sessions to come. On the upside the 61.00 is the level we will keep a close watch as a support zone.

GBP/INR

Today we had the UK jobs data, the major focus was on the wage growth as it was undoubtedly the major driver of inflation. So the central bank was keeping a close watch on the wage growth. The data released was nothing that would push the central bank towards further tightening of the policy. The GBPINR was very volatile during the day. the pair opened on a positive note, after the jobs data it went though major hammering pushing it lower towards the 20 day EMA, which has acted as a support previously. Looking at the price action we might say that the 20 day EMA is a major support level for the pair, so in the sessions to come, the price action around the moving average will be crucial to watch. On the upside, the 103.20-103.30 mark is expected to act as a resistance level.

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