The EURINR pair followed the USDINR pair and made a move towards the 91.00 mark - Axis Securities
The news about Fitch downgrading the US sovereign bonds spooked the market, and triggered Risk off, which pushed the Dollar index higher. The Dollar index moving higher, pushed the USDINR pair higher towards the 82.70 zone. The pair opened above the 50 day and continues to move higher. The RSI plotted on the daily chart can be seen moving higher towards the overbought level, indicates presence of bullish momentum in the pair. The immediate resistance for the pair is placed near the 82.75-82.80 mark. On the downside the immediate support is placed near the 82.30-82.20, if we see a break above this level we might see the pair head higher towards the 82.00.
The EURINR pair followed the USDINR pair and made a move towards the 91.00 mark. On the daily chart we can see the EURINR pair has been moving in a range since the past four session. The RSI plotted on the daily chart has formed a bullish hinge, indicating presence of bullish momentum in the pair. In the sessions to come we might see the pair find resistance near the 91.00-91.20 mark. On the downside we might see the supports placed near the 90.50 mark, if the pair breaches below the 90.50 we might see it head lower towards the 90.00 mark.
The JPYINR pair followed the USDINR pair and the moved higher after finding support near the 57.80 zone. The JPYINR on the daily chart formed a strong bullish candle, and tested a high of 58.40. The RSI plotted on the daily chart can be seen moving higher towards the overbought zone, indicating increasing bullish momentum in the pair. Technically, the pair is expected to find support near the 57.80 zone. On the upside the immediate resistance is placed near the 58.50 followed by 58.80.
The GBPINR pair bounced off the 105.10 mark and moved higher towards the 105.80 during the day. On the daily chart, we can see that the pair formed a long legged candle, which shows buying at lower levels. The RSI plotted on the daily chart can be seen forming a bullish hinge, indicating presence of bullish momentum in the pair. Technically, in the sessions to come we might see the pair find resistance near the 106.00-106.30 zone. On the downside the support is placed at 105.30 zone, if the pair manages to breach below the support zone of 105.30 we might see the pair move towards the 105.00
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