The price action in the GBPINR pair suggests that the pair has some potential to move higher probably towards the 104.20- 104.50 zone - Axis Securities Ltd
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USDINR
The traders are eagerly waiting for the US CPI data, the analysts estimate suggests that the headline inflation figure could flatten from an year on year perspective. Some pressure is seen on the month on month figures. The speculation around the inflation, the credit tightening and the developments around the Debt limit seem to be increasing the volatility in the US bond yields
After a long time we saw some major moves in the USDINR pair, On the intraday charts we saw the pair finally break out of a double bottom formation and moved higher towards 82.20.
The RSI plotted on the daily chart has formed a bullish hinge and is heading higher towards the overbought level.
Going by the price action the 82.00 level will now become a crucial level to watch for. On the upside we the immediate hurdle for the pair is placed near the
EURINR
During the day we had the French Trade balance, which came in better than expected and gave the Euro a much needed boost.
On Tuesday the EURINR pair gapped down, and traded in a tight range between 90.03 and 90.33 zone through out the session. As of now the EURINR is trading below the 20 day moving average.
The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating exhaustion in the bullish momentum in the pair.
Technically, the pair seems to be facing rejection near the 90.50 zone. On the downside we might see the pair head lower towards the 89.90 zone.
JPYINR
During the early Asian trading hours we had the BoJ governor said that the if the price target is met, then the BoJ might actually end the YCC.
This news supported the Yen, and the USDJPY pair halted its up move.
During the day the JPYINR pair found support near the 60.80 zone and moved higher towards the 61.18. The price action of the past 3 sessions suggests that the pair is finding support near the 60.80.
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 price action suggests that the 61.20- 61.30 could act as a resistance in the sessions to come. On the downside the 60.80 is the level we will keep a close watch as a support zone
GBPINR
The traders are hoping that the BoE will sound hawkish and focus on getting the inflation under control, this expectation kept the pound on the boil despite the Dollar inching higher.
On Tuesday the GBPINR pair opened on a negative note and moved higher towards the previous session high towards the end of the session.
The RSI plotted in the daily chart continues to sustain near the overbought level, indicating presence of bullish momentum in the pair.
The price action in the GBPINR pair suggests that the pair has some potential to move higher probably towards the 104.20- 104.50 zone.
On the downside, the 103.00 mark is expected to act as a support level, if the pair breaches below the said level, our bullish view will be negated.
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