The softer Dollar has been pushing the GBP higher. The GBPUSD pair as of today-Axis Securities
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USD/INR
The traders decided to stay from speculating ahead of the CPI data, this pushed the USDINR pair in a tight range 10 paisa range.
The USIDNR pair gapped down and opened below the previous session low and then consolidated throughout the session. The pair has been forming a lower low lower high pattern since the past 3 session, and printed near the 82.20 zone.
The RSI plotted on the daily chart seems to be heading lower, indicating presence of bearish momentum in the pair. Technically, USDINR pair seems to have faced rejection near the 82.80 zone. so in the sessions to come we might see this level act as a resistance
On the downside we might see the support come in near the 82.20-82.00 zone.
EUR/INR
The softer Dollar pushed the EURUSD pair higher.
During the day EURINR pair opened with a positive gap but failed to gather momentum and drifted lower. Throughout the day the pair moved in a tight 20 paisa range. On the daily chart the pair formed a bearish candle with a long upper wick, hinting towards the pair facing rejection near the 91.00 zone.
The RSI plotted on the daily chart shows exhaustion in the bullish momentum. Technically, on the downside we expect the pair to find support near the 90.00.
On the upside the 91.10 zone is expected to act as a resistance.
JPY/INR
The softer dollar and the tanking Bond yields have been pushing the USDJPY pair lower below the 140.00 mark.
This has been giving a major boost to the JPYINR pair.
From the price action point of view, the JPYINR pair faced rejection near the 50 day moving average.
The RSI plotted on the daily chart continues to show bullish momentum in the pair.
Technically, the pair is expected to face resistance near the 59.50 zone.
On the downside the immediate support is placed near the 58.90 zone.
GBP/INR
The softer Dollar has been pushing the GBP higher. The GBPUSD pair as of today
seems to be facing some rejection near the psychological level of 1.30.
The GBPINR during the day tested a high of 106.70 and then tanked lower.
From the price action point of view the pair has faced rejection near the 106.80 zone and ended the session with a major negative candle.
The RSI plotted on the daily chart can be seen forming a bearish hinge near the overbought level, indicating exhaustion in the bearish momentum in the pair. In the sessions to come we might see the pair face rejection near the 106.80 zone.
On the downside the supports are placed near the 106 mark, if the pair breaches below the 106.00 mark we might see it head lower towards the 105.50.
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