IGI Logo

USD/INR

The US Dollar index moving continuing to trade in a range put the USDINR pair in a tight range. The USDINR pair opened on a slightly positive note and attempted to move higher above the 82.20 zone. Since the past 4 sessions the pair has been trading between the 82.00 and 82.30 zone. The RSI plotted on the daily chart can be seen inching higher towards the reference line, indicating presence of bullish momentum in the pair. In the sessions to come, the price action around the 82.20-82.30 will be crucial to watch, if we see a break above this level we might see it head higher towards the 82.50 and 82.75 zone. On the downside we might see the support come in near the 82.00-81.80 zone.

EUR/INR

The EURINR opened on a flattish note and printed a low of 92.00 during the day. On the daily chart we can see that the pair formed a strong red candle indicating selling pressure on the upside. The RSI plotted on the daily chart though in the overbought level has been bending lower, indicating exhaustion in the bullish momentum in the pair. Going by the price action the pair is expected to face rejection around the 92.50- 92.60 zone. On the downside we might see the supports placed near the 92.00 mark, if the pair breaches below the 92.00 we might see it head lower towards the 91.50 mark.

JPY/INR

The USDJPY pair heading higher seems to have ended the phase of the yen appreciation. The JPYINR pair on Wednesday moved lower after a gap down open, and tested a low of 58.80 Looking at the price action the pair seems to be forming a topping formation and heading lower. The RSI plotted on the daily chart can be seen forming a bearish hinge near the overbought zone, indicating increasing bearish momentum in the pair. Technically, the pair is expected to face resistance near the 59.30 zone. On the downside the immediate support is placed near the 58.60 followed by 58.30 are expected to act as a support level.

GBP/INR

The softer UK inflation came in softer than the analysts were estimating, this reduced the bets of a large rate hike in the coming policy and the GBP pair across witness major hammering. After a gap down open the pair witnessed selling after the CPI data and tested a low of about 106.10. The RSI plotted on the daily can be seen moving lower, hinting towards increasing bearish momentum in the pair. Technically, the pair is expected to face rejection near the 107.00 mark in the sessions to come. On the downside the 106.00 mark is the key level to watch for, if we see a break below this level we might see it head lower towards the 105.50 and 105.30 zone.

To Read Complete Report & Disclaimer Click Here

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer