The EURINR opened on a slightly positive note - Axis Securities
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USD/INR
Strong corporate flows during the day helped the Indian Rupee appreciate against the Dollar. The USDINR pair opened on a flattish note and then formed a strong bearish candle, which took the pair lower towards the 81.80 zone. The pair broke below the 82.00 mark, a level which was being held by the pair as a support level. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. The immediate support for the pair is placed near the 81.80, if we see a breach below this level we might see a move towards the 81.70 and 81.50 zone. On the upside the immediate resistance is placed near the 82.00 mark, if we see a break above this level we might see the pair head higher towards the 82.20.
EUR/INR
The EURINR opened on a slightly positive note, and then moved lower after the PMI data came in lower than the previous reading, and also missed the analysts estimates. On the daily chart we can see that the pair has been forming a lower low lower high pattern, on Monday the pair also broke below the 20 Day moving average. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. Going by the price action the pair is expected to face resistance around the 91.20 zone. On the downside we might see the supports placed near the 90.40 mark, if the pair breaches below the 90.40 we might see it head lower towards the 90.00 mark.
JPY/INR
The USDJPY pair seems to be facing rejection near the 142.00 mark, and this has help arrest the continuous fall in the JPYINR pair. On Monday the pair found support around the 57.90 zone and ended the session with an inside candle. Looking at the price action the fall in the JPYINR pair seems to have temporarily halted The RSI plotted on the daily chart can be seen flattening near the reference line, indicating exhausting bullish momentum in the pair. Technically, the pair is expected to face resistance near the 58.50 zone. On the downside the immediate support is placed near the 57.80 followed by 57.50.
GBP/INR
The UK PMI data missed the analysts estimates, and this pushed the GBPUSD pair lower. On Monday the GBPINR pair opened on a slightly positive, but after the PMI data was out it did go through a major sell off, which took the pair lower a notch below the 105.00 mark. The pair has been forming a lower low lower high pattern since the past couple of session, indicating that the pair is in a string bearish mode. The RSI plotted on the daily can be seen moving lower, indicating presence of bearish momentum in the pair. Technically, in the sessions to come we might see the pair find support near the 104.50 mark which also happens to the 50 day moving average. On the upside the 105.60 the 20 day moving average is expected to act as a support level.
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