IGI Logo

USD/INR

Lack of driving forces kept the USDINR pair in a tight 10 odd paisa range. On Monday, USDINR gapped down and the consolidated between 82.84 and 82.75 thought the session. On the daily chart the USDINR pair formed a small bodied candle with upper and lower wick, indicating lack of decisiveness in the pair. The RSI plotted on the daily chart has formed a bearish hinge near the overbought zone, indicating presence of bearish momentum in the pair. In the sessions to come, we can expect the pair to face rejection near the 83.00. On the downside the immediate support is placed near the 82.50, if we see a break below the 82.50 we might see it head lower towards the 82.20 and 82.00.

EUR/INR

The lack of driving factors or data meant that the EURINR pair followed the USDINR pair very closely. The pair gapped up and printed a high of 91.18 in the initial ticks. And then drifted lower through out the session. On the daily chart we can see that the pair has managed to move above the 50 day moving average, 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. Going by the price action, the pair is expected to face resistance near the 91.20- 91.30 level, if the pair manages to break above that level we might see the pair head higher towards the 91.50 and 92.00. On the downside we expect the support to be placed near the 90.75 to 90.50 and .

JPY/INR

The USDJPY pair tested a low of 141.50 courtesy softer dollar. The tanking USDJPY pair resulted in the JPYINR opening on a positive note around the 58.50 mark. for the rest of the session the pair drifted lower towards the 58.35 level. On the daily chart we can see that the pair found resistance near the 20 day moving average. The RSI plotted on the daily chart, can be seen forming a bullish crossover, indicating presence of bullish momentum in the pair. In the sessions to come we might see the pair find resistance near the 58.60 and 58.80 zone. On the downside the 57.80 is expected to act as a support.

GBP/INR

The GBPINR pair moved between gains and losses though out the session. From an intraday point of view, the pair moved between 105.50 and 105.30 though out the session. On the daily chart we can see that the pair was sandwiched between the 50 and the 20 day moving average. The RSI plotted on the daily chart has formed a bullish hinge near the oversold zone, indicating increasing bullish momentum in the pair. The price action suggests that the 104.90 zone could act as a support in the sessions to come. On the upside we need to keep a close watch on the 105.80-106.00 mark.

To Read Complete Report & Disclaimer Click Here

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer