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USDINR – DAILY CHART

Technical Outlook on Rupee

* In the previous week, the USDINR pair moved higher towards the 83.00 mark, where it faced major rejection. Towards the end of the week the pair moved lower towards the 82.55.

* The RSI plotted on the daily chart can be seen heading lower, indictaing increasing bearish momentum in the pair.

* Technically, we see the supports placed near the 82.40. So a move towards 82.40 can be used as a buying opportunity with a strict stoploss of 82.10 and on the upside, we might see the pair retest 82.80-83.00 zone in the sessions to come

Fundamental news on USDINR

* The US Dollar continued to head higher as the Debt ceiling discussions were literally getting on where and this was triggering a capital flight towards the US Dollar. The selloff in the bonds too helped the dollar sustain higher.

* In the coming week we had a lot of data release from the US economy, in the initial half of the week we have the CB consumer confidence followed by Jolts Job openings data. And as we head into the week we have the ADP nonfarm data, Manufacturing PMI. And towards the end of the week, we have the Unemployment data.

EURINR – DAILY CHART

Technical Outlook on EURINR

* In the past 3 weeks the EURINR pair has been facing major selloff, in the previous week the pair found support near the Week moving average.

* In the sessions to come, we might will keep a close watch on the price action around the 20 Week Moving average. The momentum oscillators plotted in the daily charts suggests that pair is in oversold territory.

* Going by the price action and the technical indicators, we would recommend a sell on rise strategy, any move towards the 89.30 zone can be considered a good selling opportunity for a target of 88.00, we recommend a strict SL of 89.60

Fundamental news on EURINR

* In the previous week, Euro was majorly driven by the lower-than-expected data releases from the German economy, which raised the bet of a technical recession in the Eurozone. To add to the Euro’s problems, the dollar moving higher also helped the EURUSD pair tank.

* In the coming week, the preliminary CPI data from Germany is expected to spike up the volatility in the EURUSD and inturn in the EURINR pair.

GBPINR – DAILY CHART

Technical Outlook on GBPINR

* In the week that passed by the GBPINR pair, broke and sustained below the 102.40 zone which was the lower end of the consolidation range of the past few weeks.

* From the price action point of view, the pair found support near the 50 Day EMA which s placed at 101.90, the price action around that level will be crucial to watch. The momentum oscillators plotted in the daily chart suggests that the pair is currently in the oversold territory, so in the sessions to come we might see a bit of a bounce.

* Looking at the price action we might see some up move in the sessions to come, so one can go long on GBPINR near the 102.10 zone and expect the pair to move higher towards the 103.20-103.50 level. We recommend a strict stoploss of 101.80 in this trade.

Fundamental news on GBPINR

* The UK inflation was the major drive for the pound in the previous week, though the headline inflation came in lower the core inflation came in at the highest level since 1992, this put a lot of pressure on the Pound.

* In the coming week, we do not have any major data releases from the UK economy, so the pair will be majorly driven by the market mood and sentiment..

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