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USD/INR

The USDINR pair continued its fall, courtesy the USDCNH pair tanking. The major sell off in USDINR pushed it lower towards the 20 day moving average which is placed at 82.70. On the daily chart we can see that the USDINR formed a strong bearish candled, indicating, that the pair witnessed selloff right from the 1 st tick The RSI plotted on the daily chart has formed a bearish hinge near the overbought zone, indicating, increasing bearish momentum in the pair. In the sessions to come, we can expect the pair to face rejection near the 83.00. On the downside the immediate support is placed near the 82.50, if the bearish momentum continues we might see the pair head lower towards the 82.30.

EUR/INR

The EU PMI data came in negative, the major trigger for the sell off was the German PMI wherein both the services and the Manufacturing PMI which suggested that the industrial activities continues to shrink. The EURINR pair reacted to the falling EURUSD and USDINR and moved below the 89.50. On the daily chart, EURINR pair formed a string bearish candle The RSI plotted on the daily chart, can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. Going by the price action, the pair is expected to face resistance near the 90.00- 90.10 level. On the downside the immediate support is placed near the 89.30-89.00 mark.

JPY/INR

USDJPY moved lower following the US 10 year bond yields. This helped the JPYINR pair hold its ground near the 56.80 level. On the daily chart the JPYINR pair formed a small bodied candle, with both upper and lower wicks, indicating indecisiveness in the pair The RSI plotted on the daily chart, can be seen drifting 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 57.30-57.50 zone. On the downside the 56.80 followed by 56.50 is expected to act as a support.

GBP/INR

The UK PMI missed estimates, and the reading came in below the 50 mark, which meant that the UK economy’s business activities are shrinking. On the daily chart the GBPINR pair formed a strong red candle, indicating presence of bearishness in the pair. The RSI plotted on the daily chart has sharply moved lower towards the oversold zone, indicating presence of bearish momentum in the pair. The price action suggests that the 105.00- 105.30 zone could act as a resistance in the sessions to come. On the downside we need to keep a close watch on the 104.50-104.30 mark, as a support..

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