The EURINR pair had a very muted reaction to the shrinking US CPI - Axis Securities
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USDINR
Technical View
The CPI data coming in lower than expected pushed the Dollar lower as the bets of the FED opting for a pause increased. The USDINR pair opened on a negative note, tanked mid day and finally settled near 82.10. From the price action point of view, the pair breached below the 82.30 zone, a level where the pair was finding some buying interest. The RSI plotted on the daily chart can be seen heading lower, indicating presence of bearish momentum in the pair. Technically, the psychological level of 82.00 is expected to act as a support level, if the pair breaches below this level, we might see the pair head lower towards the 81.80. On the other hand if the FED gives out hawkish guidance and the pair holds the 82.00, then we might see the pair bounce towards the 82.40-82.50 zone
EURINR
Technical View
On the 15th of June, just after the FED policy, we have the EcB policy. the general expectation is that the central bank will raise the interest by 25 BPS. The EURINR pair had a very muted reaction to the shrinking US CPI. The pair opened on a slightly negative note and then reacted to the selloff in the USDINR pair. The price action of the past 4 sessions suggests that there is buying interest near the 88.60 zone, and resistance near the 89.10. The RSI plotted on the daily chart suggests temporary exhaustion in the bullish momentum. The 89.10 level remains to be the crucial level to watch for, a break above this level could push it higher towards the 89.50 level. The 88.60 is expected to act as a support
JPYINR
Technical View
The USDJPY continues to hover around the 140.00 mark. The JPYINR pair on Wednesday not only broke below the 59.00 level but also sustain below it. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 59.00-59.10 zone. On the downside the important support is placed near the 58.80-58.50 zone.
GBPINR
Technical View
We had the GDP data from UK, and the data suggested that the UK economy grew by 0.2%, something that was inline with the analysts estimates. The GBPINR pair, after a positive open traded with higher but moved in a tight 20 paisa range. The RSI plotted on the daily chart can be seen heading higher towards the overbought level, indicating presence of bullish momentum in the pair. The pair has been facing mild hurdle near the 103.85 zone, so in the session to come we will keep a close watch on the this level. In the sessions to come the price action near the 103.30 and 103.85 will be crucial to watch, as long as the pair does not breach above or below the above mentioned levels, we might see it consolidate.
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