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USD/INR

Technical Outlook on Rupee

• In the week that passed by the pair USDINR pair saw some buying interest near the 81.80. So this level will be a crucial level to watch out for in the sessions to come.

• 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 has been finding support near the 81.80 zone, we could initiate a buy around 81.90-82.00, with a target of 82.50 and a stop loss of 81.75 a multiple touch point level.

Fundamental news on USDINR

• In the week that passed we had the FED chair Powell testify, and his points were very generic and something that the market has been already pricing in. he mentioned that the inflation continues to remain higher and that the interest rates need to be high to get it back to the tolerance level of 2%. This did little to support the Dollar.

• In the coming week, we have the consumer confidence data, which is expected to improve a notch over the previous reading. Then we have the GDP data, which is also expected to show some expansion in the US economy. The finally we have the PCE data, which is FED’s gauge of inflation, and the analysts are expecting the inflation to remain stable.

EUR/INR

Technical Outlook on EURINR

• In the week that passed by the Euro faced strong rejection near the 90.10-90.20 zone. On Friday, the pair witnessed a major fall after the data release which showed that the Euro Area is entering into a recession. And the pair tanked towards the 89.00 zone.

• 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

• The PMI data on Friday, came in below the 50.00 mark which meant that the Euro Area economy is in a recessionary phase, this news did not go well with the traders, and we saw a major sell off in the EURINR pair

• In the coming week we have a few ECB members speaking. The major data release is the Euro Area CPI, which is expected to inch higher

GBP/INR

Technical Outlook on GBPINR

• In the previous week, the pound was very volatile courtesy the CPI data and the BOE policy action. The pair printed a high of 105.20 and then tanked towards the 104.00 mark.

• 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 pair is suggesting a topping pattern near the 105.20 zone, hinting that the pair could trade with a negative bias in the sessions to come. Any move towards the 104.70-104.80 can be used as a selling opportunity, on the downside we might see the pair head lower towards 104.00-103.50 on the upside we recommend a stict stoploss of 105.30

Fundamental news on GBPINR

• In the previous week, the inflation coming in higher and the BoE raising the interest rates even further to curb the inflation, injected a lot of volatility in the pair. After the BoE delivered a 50 BPS hike, the traders majorly focused on the UK economy running into a recession because of the tight policy.

• 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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