The USDINR pair went through a mid session hammering and printed a low of 82.00 - Axis Securities
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USDINR
Technical View
The FED policy decision was inline with the market expectation, and the central bank chose to skip the rate hike. However, the FED chair did mention that the central bank was open to raise the interest rates if at all the data suggested so. The USDINR pair went through a mid session hammering and printed a low of 82.00. The pair formed a candle with a long lower wick, indicating buying interest near the 82.00 zone. Technically, 81.80-82.00 zone is where we can expect the supports to come in. If the pair manages to hold on to the 81.80- 82.00 zone, we might see it bounce and head higher towards the 82.40 level.
EURINR
Technical View
The EcB raise the interest rates by 25 BPS, this could trigger the interest rate differential play and could push the Euro higher. The EURINR pair ended the session above the 89.00 zone. The price action suggests that the pair is breaching above the 4 day consolidation range. The RSI plotted on the daily chart can be seen heading higher, indicating increasing bullish momentum in the pair. Technically, the pair has been facing rejection near the 89.10 zone, if we see a break above 89.10 we might see it head higher towards the 89.40 and eventually towards 89.60. On the downside we expect the supports to be placed at 88.80-88.60 zone
JPYINR
Technical View
The USDJPY moved above the 141.00, this pushed the JPYINR pair lower towards the 58.00 zone. The RSI plotted on the daily chart can be seen moving 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 58.80-59.00 zone. On the downside the important support is placed near the 58.00 zone
GBPINR
Technical View
The softening dollar has been pushing the pound higher. The GBPINR pair, managed to breach above the 104.00 mark on Thursday. The RSI plotted on the daily chart can be seen heading higher towards the overbought level, indicating presence of bullish momentum in the pair. The pair breaching above the 104.00 zone, is a bullish signal for the pair. In the sessions to come as long the pair manages to sustain above the 103.50 zone, we can expect the pair to trade with a bullish bias. On the upside the resistance is placed near the 104.50 zone.
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