The softer dollar pushed the USDJPY pair lower, towards 138.00 mark - Axis Securities
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USD/INR
The CPI coming in lower than the previous reading and also below the analysts estimates pushed the Dollar index lower. The USDINR pair gapped down and printed a low of 82.00 in the initial few minutes of opening. The pair has been forming a lower low lower high pattern since the past 4 session. The daily candle formed a candle with a long lower wick, indicating buying interest near the 82.00 mark. The RSI plotted on the daily chart seems to be heading lower, indicating presence of bearish momentum in the pair. Technically, USDINR pair is expected to face some rejection near the 82.50 zone. On the downside we might see the support come in near the 82.00-81.80 zone.
EUR/INR
The softer Dollar pushed the EURUSD pair higher. During the day EURINR pair opened with a major gap up, and then drifted higher through the session. On the daily chart the pair formed a strong bullish candle, indicating presence of bullish momentum in the pair. The RSI plotted on the daily chart continues to move higher, indicating presence of bullish momentum in the pair Technically, on the downside we expect the pair to find support near the 91.30. On the upside the 92.00 zone is expected to act as a resistance, if the pair managed to break above this level we might see the pair head higher towards 93.00
JPY/INR
The softer dollar pushed the USDJPY pair lower, towards 138.00 mark. This has pushed the JPYINR pair higher towards the 60.00 mark. From the price action point of view, the JPYINR pair seems to be facing rejection near the 60.00 mark. 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 60.00 zone. On the downside the immediate support is placed near the 59.00 zone.
GBP/INR
The softer Dollar and the interest rate differential seems to be boosting the GBPUSD pair. The GBPINR during the day tested a lifetime high of 107.30, backed by softer dollar. The Daily candle shows that the pair has bullish momentum and could head even higher. The RSI plotted on the daily chart can be seen heading higher, indicating presence of bullish momentum in the pair. In the sessions to come we might see the pair head higher towards the 108.00 to 110.00 mark. On the downside the supports are placed near the 106.50 mark, if the pair breaches below the 106.50 mark we might see it head lower towards the 105.50.
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