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USDINR – DAILY CHART

Strategy for coming week

Buy on dips 82.20

Stop Loss @ 81.80

View: Bullish

Target @ 83.30

The USDINR pair is expected to trade with an upward bias and head higher towards 83.00-83.30.

Technical Outlook on Rupee

• On the daily chart we can see the USDINR pair forming a higher high higher low pattern. The pair has witnessed a significant bounce from the 81.70 level which were seen in the early trading sessions of this month.

• As of now the pair is placed above the major moving averages, indictaing presence of bullishness in the pair. The RSI plotted on the daily chart too can be seen heading higher towards the overbought level, indictaing increasing bullish momentum in the pair

• Technically, the support for the pair is placed near the 82.20 zone, which we think might be a good level to go long. We recommend a strict stop loss of 81.80 and maintain a target of 83.00 and 83.30

Fundamental news on USDINR

• There were not many data releases in the previous week. The US Dollar was major driven by the market mood around the debt ceiling. The Debt ceiling discussions not going anywhere pushed the Dollar index higher towards the 103.60.

• In the coming week seems to be very busy, as we have a lot of data releases from all the major economies. From the US we have the PMI data, followed by the FOMC minutes, preliminary GDP data and core PCE data

Strategy for coming week

Sell on rise @ 90.00

Stop Loss @ 90.50

View: Bearish

Target @ 89.00

View for the pair is Bearish, any move towards the 90.00 level can be used as a selling opportunity, with a strict Stop loss above 90.50 and a target of 89.00 and 88.50

Technical Outlook on EURINR

• In the past 2 weeks the EURINR pair has been facing major selloff, in the previous week the pair found support near the 50- day moving average.

• Going by the price action, the trend of the pair continues to remains bearish. In the coming week we might see the pair attempt to test the 90.00 mark, this could be used as a selling opportunity. If the pair faces rejection near the 90.00 mark we might see the pair move lower towards the 89.00 and eventually towards the 88.50 level

• If the pair breaks and sustain above the 90.00, out bearish view will be negated, so we recommend a strict STOPLOSS of 90.00

Fundamental news on EURINR

• The previous week was very relaxed for the Euro from the data point of view. All the moves in the EURO were majorly because of the movements in the US Dollar and the market mood and sentiments.

• In the coming week, we have the PMI data from France and Germany also from the Bloc. These releases could spike up the volatility in the FX markets.

Strategy for coming week

Buy on dips @ 102.40

Stop Loss @ 102.00

View: Bullish

Target @ 103.40

The GBPINR pair has been consolidating between 102.40 and 103.40, so any move towards the 102.40 zone can be considered as a buying opportunity for a target of 103.40 and a stop loss of 102.00

Technical Outlook on GBPINR

• Since the past couple of weeks, the GBPINR pair has been trading in a range (102.40-103.40), so as long as the bounds on the upper and the lower end are not breached, we might see the pair consolidate between 102.40 and 103.40.

• In the previous week, the GBPINR pair found support around the 20 Day SMA and attempted to move higher. As of now the pair is placed above both the 20 and the 50 Day SMA

. • Looking at the price action the pair has been finding strong support near the 102.40 zone so once can consider buying the pair near this level, with a target of 103.40 and a STOP LOSS of 102.00

Fundamental news on GBPINR

• As the economy colander from the UK economy was light, we saw the Pound majorly react to the market mood and the direction of the US Dollar.

• In the coming week though we have the PMI, the CPI and the retail sales data that would spike up the volatility in the UK economy.

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