The USDINR pair was broadly flattish and traded in a range between 82.60-82.37 - Axis Securities Ltd
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USD/INR
The Dollar did see some buying interest ahead of the Jackson hole symposium. The USDINR pair was broadly flattish and traded in a range between 82.60-82.37 through out the day, majorly because of the pull and push factors. On the daily chart we can see that the USDINR a small candle with a long lower wick, indicating buying interest near the 82.35 zone. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair In the sessions to come, we can expect the pair to face rejection near the 82.80. On the downside the immediate support is placed near the 82.30, if the bearish momentum continues we might see the pair head lower towards the 82.20
EUR/INR
The USDINR pair trading in a range, put the EURINR pair in a range too. Through out the session the pair moved between 89.80 and 89.55. On the daily chart, EURINR pair formed an inside candle, with wick on either sides, indicating indecision in the pair. The RSI plotted on the daily chart, can be seen forming a bullish hinge near the oversold zone, indicating exhaustion in bearish momentum in the pair. Going by the price action, the pair is expected to face resistance near the 89.80- 90.00 level. On the downside the immediate support is placed near the 89.30-89.00 mark.
JPY/INR
USDJPY during the day bounded off the 144.90 zone and moved higher, this limited the gains in the JPYINR pair. After a slightly negative open the JPYINR pair basically drifted lower towards the 56.80 zone. On the daily chart the JPYINR pair formed a small bodied red candle, indicating presence of bearish momentum in the pair The RSI plotted on the daily chart, can be seen hovering around the oversold zone, indicating lack of 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 rising Dollar index put pressure on the GBPUSD pair, which in turn put pressure on the GBPINR pair. On the daily chart the GBPINR pair formed and inside candle with a long upper wick, indicating selling pressure near the 105.10 zone. The RSI plotted on the daily chart has flattened near the oversold zone, indicating presence of bearish momentum in the pair. The price action suggests that the 105.00- 105.10 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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