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USD/INR

Technical Outlook on Rupee

The dollar saw some buying interest ahead of the FOMC minutes, as of now the traders are pricing in two rate hikes before the year end. The major thing that the traders will keep an eye for is the size of the rate hike. From a daily candle point of view, the pair formed a strong green candle, indicating presence of bullishness in the pair The RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair. The MACD plotted on the daily chart too can be seen forming a bullish crossover, indicating presence of bullishness in the trend. Technically, USDINR pair has broken above the 82.20 zone, in the sessions to come if the bullish momentum was to continues, we might see the pair head higher towards the 82.50 and in best case scenario, we might see it head higher towards the 82.75. On the downside we might see the 82.00 mark act as a support in the sessions to come.

EUR/INR

Technical Outlook on EURINR

There were a fair few data releases from the EU economy today, but the traders were mainly focused on the FOMC minutes and the EURINR pair broadly followed the USDINR pair. From the daily candle point of view, the pair formed a string bullish candle and managed to break and sustained above the 20 and the 50 day moving average. The RSI plotted on the daily chart can be seen drifting higher, indicating presence of bullish momentum in the pair. Technically, in the sessions to come, we expect the pair to face rejection near the 89.70-89.80 zone. On the downside we expect the pair to find support near the 89.30-89.40

JPY/INR

Technical Outlook on JPY/INR

The USDJPY managed to move lower during the day and tested a low of 144.20 zone. The JPYINR pair opened on a flattish note and headed higher towards the 57.30 zone. From the price action point of view, the JPYINR halted its lower low lower high pattern and moved higher during the day. The RSI plotted on the daily chart, can be seen forming a bullish hinge near the oversold zone and moving higher, indicating presence of bullish momentum in the pair. Technically, the pair is expected to face resistance near the 57.40-57.50 zone. On the downside the immediate support is placed near the 57.00 zone.

GBP/INR

Technical Outlook on GBP/INR

With the FOMC minutes just around the corner, GBPINR pair followed the direction and trend and direction of the USDINR pair After a flattish open, the GBPINR slowly yet steadily moved higher and printed a high of 104.60. From the price action point of view, the pair has been placed above its major moving averages, indicating presence of bullishness in the underlying trend. The RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair. Technically, in the sessions to come we might see the pair find resistance near the 104.70 zone. On the downside the supports are placed near the 104.00 mark, if the pair breaches below the 104.00 mark we might see it head lower towards the 103.50-103.30.

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