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USD/INR

Technical Outlook on Rupee

• The volatility in the USDINR pair seems to have dried up, in the previous week the pair moved in a tight

• 20 paisa throughout the week.

• The RSI plotted on the daily chart can be seen head higher, indictaing presence of bullish momentum in the pair.

• Looking at the price action of the past couple of week the pair seems to be forming a string base near the 82.00 mark. If this level is held, we might see it head higher towards the 82.30- 82.50 level. On the downside, we have seen strong buying interest near the 81.80. So, the 81.80 becomes a very crucial level to watch for in the sessions to come.

Fundamental news on USDINR

• In the week that passed by the FED chair mentioned that the central bank is looking to raise the interest twice before the year end. This provided a major boost to the USDINR pair, and we saw it head higher towards the 82.15 as we moved closer towards the end of the week.

• In the coming week, we have a lot of data releases from the US economy. The major being the FOMC minutes, when the FED mentioning about two rate hikes before the year end the traders will look to get any information about the size of the hike. Then we have the Jobs data and the NFP data which could spike up the volatility in the FX markets.

EUR/INR

Technical Outlook on EURINR

• Since the past two sessions the EURINR pair has been facing selling pressure near the 90.00 zone. The candles on the weekly chart suggest selling pressure near the 90.00 level.

• The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indictaing presence of bearish momentum in the pair.

• Going by the price action, the trend for the pair has turned bearish and any move towards the 89.80 zone can be used as a selling opportunity with a target of 89.10-88.80 we recommend a strict stop loss of 90.10 zone

Fundamental news on EURINR

• There are not many data releases from the EU, that could spike up the volatility in the EURO pairs. So the Euro will be majorly dependent on the price action and the direction of the US Dollar.

• The only major data release from the EU in the coming week is Spanish PMI data and the ECB President Lagarde speaking at Economic Meetings of Aix-En-Provence, in France

JPY/INR

Technical Outlook on GBPINR

• In the week that passed by the GBPINR pair faced major sell off after the FED chair Jerome Powell mentioned that the FED is looking at two more rate hikes before the year end. The GBPINR pair since the past couple of sessions had been forming a distribution pattern, on Friday the pair gapped down below the 104.00 mark and printed a low of 103.50.

• The RSI plotted on the daily chart can be seen heading lower, indictaing presence of bearish momentum in the pair.

• Going by the price action, the GBPINR ended the week below the 104.00 mark which was a break out level for the pair. In the session to come, any move towards the 104.00-104.30 can be used as a selling opportunity. On the upside we might see the pair find resistance near the 104.50 which recommend as a strict stop loss. On the downside we can see the pair to head lower towards 103.30 and 102.80

Fundamental news on GBPINR

• The GBP pairs in the previous week were majorly driven by the dollar direction and the market mood.

• In the coming week, we do not have major data releases from the UK economy other than BOE Gov Bailey making a public statement, so the GBP will be majorly dependent on the US Dollar and the market mood for direction and trend.

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