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USDINR

Strategy for coming week

Buy near 83.00

Stop Loss @ 82.70 View:

Bullish Target @ 83.70-84.00

The USDINR pair breached above the upper range of the multi month consolidation, the breakout target for the pair come around 84.00 zone

Technical Outlook on Rupee

* In the week that passed by the USDINR not only broke but also managed to close the week above the 83.00 mark, a level that the pair had been holding for the past couple of months.

* The RSI plotted on the daily chart continues to remain in the overbought zone, indictaing presence of bullish momentum in the pair.

* The USDINR pair has broken above a few crucial resistance levels, since the past couple of months the pair had been consolidating between 81.80-83.00. a break above the 83.00 mean we could see the pair head higher towards 84.00 mark in the sessions to come. We recommend using bull call spreads, to participate in the up move.

Fundamental news on USDINR

* The sea of negative data releases form China, has been pushing the USDCNH pair higher, which in turn pushed the USDINR pair higher.

* The coming week is completely driven by the PMI data from all the major economies. The traders will also be keeping a close watch on the Jackson hole symposium where in they will try to get the FED’s view of the US economy, which will in turn help them get a gauge of the next move by the central bank.

EUR/INR 

Strategy for coming week

Event calendar for EURINR

Buy near 90.30

Stop Loss @ 90.00

View: Range bound

Target @ 91.00

The EURINR has been range bound and moving between 90.20 and 91.20 since the past couple of months, as of now the pair seems to be trading near the lower edge of the consolidation.

Technical Outlook on EURINR

* In the previous week, the EURINR found support at the 50-day average, so in the sessions to come we might see the pair make a move towards the 20 Day moving average which is placed at 90.80

* The RSI plotted on the daily chart can be seen moving lower, indictaing presence of bearishness in the pair.

* Going by the price action if the EURINR pair finds support near the 50-day moving average we might see it sharply bounce and move a move towards the 90.80 and 91.20 zone.

Fundamental news on EURINR

* In the week that passed by the Euro majorly followed the US Dollar for trend and direction.

* In the coming week, we have a lot of data releases from the EU, majorly the PMI data and then we have the German ifo Business Climate which is expected to tick lower by a notch.

GBP/INR

Strategy for coming week

Buy near 105.40

Stop Loss @ 105.00

View: Bullish

Target @ 106.00-106.30

The GBPINR is bouncing off the 50-day moving average, so once can buy the pair on dips towards 105.00 with a stop loss of 104.60 and expected the pair to head higher towards 106.00-106.30

Technical Outlook on GBPINR

* The GBPINR pair has managed to break and close above the 20 day moving average.

* The RSI plotted on the daily chart is placed above the reference line, indictaing presence of bullish momentum in the pair.

* Going by the price action, if the GBPINR pair manages to sustain above the 20 day moving average we might see the pair make a move higher towards the immediate resistance of 106.00, followed by 107.00.

Fundamental news on GBPINR

* The GDP ticking higher and the inflation remaining stick, means that the BoE has extra headroom to tighten the policy. This could trigger an interest rate differential play and could boost the GBPUSD, which could in turn boost the GBPINR pair.

* In the coming week we have both the manufacturing and the services PMI which could spike up the volatility in the pair.

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