The GBPINR pair rallied higher towards the 105.30 mark - Axis Securities
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USD/INR
The Dollar index headed higher, after the FOMC minutes, as the FED members seconded a rate hike, to curb the high inflation. The USDINR pair since the past couple of sessions has been forming a higher high higher low pattern and moved higher towards the 82.60 zone. The RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair. The MACD plotted on the daily chart too can be seen forming a bullish crossover, indicating presence of bullishness in the trend. Technically, USDINR pair has broken above the 82.50 zone, in the sessions to come if the bullish momentum was to continues, we might see the pair head higher towards the 82.75. On the downside we might see the support come in near the 82.20 zone
EUR/INR
The EURINR pair initially reacted to stronger dollar and opened on a negative note, and then moved higher towards the end of the session. From the daily candle point of view, the pair formed a strong bullish candle and managed to head higher towards the 90.00 mark towards the end of the session. The RSI plotted on the daily chart can be seen drifting higher, indicating presence of bullish momentum in the pair. Technically, in the sessions to come, we expect the pair to face rejection near the 90.00-90.10 zone. On the downside we expect the pair to find support near the 89.60
JPY/INR
The USDJPY moved lower below the 144.00 mark. this pushed the JPYINR pair higher. The JPYINR pair opened on a positive note and headed higher towards the 57.80 zone. From the price action point of view, the JPYINR pair has been forming a higher high higher low pattern since the past two sessions. The RSI plotted on the daily chart can be seen moving higher indicating increasing bullish momentum in the pair. Technically, the pair is expected to face resistance near the 58.00-58.20 zone. On the downside the immediate support is placed near the 57.30 zone
GBP/INR
The GBPINR pair rallied higher towards the 105.30 mark as the traders focused on the possibility of the UK opting for tighter policy and taking the interest rates higher above the US terminal rates. After a flattish open, the GBPINR rallied higher and moved above the previous swing high. From the price action point of view the pair moved higher towards the life time high. The RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair. Technically, in the sessions to come we might see the pair find resistance near the 105.50 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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