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USDINR

Strategy for coming week Event

calendar for USDINR Buy

near 82.50 Stop Loss @ 82.30

View: Range bound Target @ 83.10

The pair is expected to remain in a range and trade between 82.30-83.10

Technical Outlook on Rupee

• The USDINR pair faced rejection near the 82.90-83.00 zone, on the other hand we also saw some buying near the 82.30- 82.50 zone.

• In the coming week we have the FED policy on Wednesday, so we can expect the pair to move only after the rate decision is out. Going by the price action of the previous week, we might see the USDINR pair consolidate between 82.30- 83.10 in the coming weeks.

Fundamental news on USDINR

• Last week, FX markets were very volatile courtesy the general uncertainty around the liquidity in the banking system. The traders were also speculating the FED’s next move, which spiked up the volatility in the bond markets too

• The previous week data releases were kind of mixed bag as the data releases did not provide any clear picture about what the FED could end up doing

• There are a lot of data releases from the US, major one being the FED policy decision which is due on 22nd of March 2023. Then we have the Unemployment claims, curable goods order, and the PMI data.

USDINR – DAILY CHART

EURINR

Strategy for coming week

.Sell below @ 87.50

Stop Loss @ 88.00

View: Bearish

Target @ 86.80

View for the pair is Bearish, a break below 87.50 would push pair lower towards 86.80 and 86.50.

Technical Outlook on EURINR

• EURINR pair seems to be facing some selling pressure near the 88.80, and forming a lower low lower high pattern

• The price action suggests that, if the pair manages to breach below the 87.50 zone, we might see the pair head lower towards the 86.80, if the bearish momentum in the pair continues, we might see it head lower towards 86.40 • The price action of the previous week suggests that EURINR has been seeing some selling near the 88.80 zone. The pair breaching and sustaining below the 88.00 level was a major red flag. In the sessions to come we expect further downside in EURINR

Fundamental news on EURINR

• The news about the banking liquidity crunch in some of European banks triggered a flight to safe haven currencies like the US Dollar, and lead to increased volatility in the pair. The EURUSD pair tanked and tested a 10-week low

• In the previous week we the ECB raised the interest rates by 50 BPS, something that the traders were already pricing in, and unapologetically choose to fight the rising inflation.

• In the coming week we have the service and manufacturing PMI data from the EURO AREA PMI data the analysts estimate the manufacturing PMI to improve in Germany, and services PMI is expected to improve both in Germany and France.

EURINR – DAILY CHART

GBPINR

Strategy for coming week

Buy above @ 100.50

Stop Loss @ 100.00

View: Bullish

Target @ 101.20

View for the pair is Bullish, a break above 100.50 would push prices higher towards 101.20 and 101.80.

Technical Outlook on GBPINR

• In the week that passed by the GBPINR pair was broadly range bound and oscillated between 99.00 and 100.50.

• On the daily chart, the pair managed to hold the 50-day moving average. Pointing towards the presence of bullishness in the trend

• In the sessions to come, if we see the pair move above the 100.50 mark, we might see a strong up move towards the 101.20, and 101.80 eventually.

Fundamental news on GBPINR

• The Pound is a currency that is majorly driven by the market mood and sentiment, previous week was very much sentiment driven, so we saw the GBPINR pair witness a massive increase in the volatility.

• The coming week is dominated by central bank actions, we have both the FED and the BOE come out with their policy decision. The general expectation is that both the banks will increase the rates by 25 BPS. Other than the the central bank decision, we also have the UK inflation data, and the expectations are that the inflation could a notch.

GBPINR – DAILY CHART

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