The softer dollar pushed the Euro lower, which in turn pushed the EURINR pair lower -Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
USD/INR
The USDINR pair followed the Dollar index and opened on a strong note, but failed to gain momentum to move above the 82.40 zone. On the daily chart USDINR pair formed a small bodied candle with a long upper wick, indicating some selling pressure near the 82.40 zone. Since the past three sessions the pair has been moving between the 20 and the 50 day moving average. The RSI plotted on the daily chart can be seen flattening, indicating lack of momentum in the pair. The immediate support for the pair is placed near the 82.20-82.00 mark. On the upside the immediate resistance is placed near the 82.50, if we see a break above this level we might see the pair head higher towards the 82.75.
EUR/INR
The softer dollar pushed the Euro lower, which in turn pushed the EURINR pair lower. The EURINR pair opened on a negative note and then continued to drift lower towards the 50 day moving average. On the daily chart we can see the EURINR pair has been moving in a range since the past three session. The RSI plotted on the daily chart is moving lower, indicating increasing bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 91.00 mark. On the downside we might see the supports placed near the 90.30 mark, if the pair breaches below the 90.30 we might see it head lower towards the 90.00 mark.
JPY/INR
Lack of support from the Central bank has been putting a lot of pressure on the Yen. The JPYINR pair has been forming a lower low lower high pattern. The JPYINR has been forming a lower low lower high pattern since the past three sessions. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. Technically, the pair is expected to face resistance near the 58.30 zone. On the downside the immediate support is placed near the 57.60 followed by 57.50.
GBP/INR
The GBPUSD pair has been moving in a range since the past couple of sessions as the traders seem to be waiting for the BoE policy. On the daily chart, the pair broke below the 20 day moving average and the headed towards the 50 day moving average. The RSI plotted on the daily chart is moving higher indicating increasing bullish momentum in the pair. Technically, in the sessions to come we might see the pair find resistance near the 105.70-106.00 zone. On the downside the support is placed at 105.00 zone, if the pair manages to breach below the support zone of 105.00 we might see the pair move towards the 104.50.
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
