USDINR pair consolidate between the 81.70 and 82.30 zone - Axis Securities Ltd
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USDINR
The traders waited for the US CPI data throughout the session, this led to the USDINR pair trading in a tight range, between 82.00 and 82.15.
The RSI plotted on the daily chart can be seen forming a bearish hinge near the reference line, indicating exhaustion in the bullish momentum in the pair.
Looking at the price action, the USDINR pair formed an inside candle after forming a strong bullish candle Technically, we have been seeing the USDINR pair consolidate between the 81.70 and 82.30 zone.
Technically, we might see the pair find resistance near the 82.30 zone on the upside. On the downside we might see the supports come in near the 81.80.
EURINR
With the Dollar lacking momentum and direction, the EURO too was trading with without a strong trend.
To add to its problems there were a few ECB members who said that they might be getting closer to the tightening cycle. Since the past couple of sessions the EURINR pair has been trading with a negative bias.
Today the pair also managed to breach below the 90.00 mark in closing basis The RSI plotted in the daily chart can be seen heading lower towards the oversold level, indicating presence of bearish momentum in the pair.
Technically, the EURINR pair can be expected to find resistance near the 90.30 zone. On the downside we might see the pair find support near the 89.80 zone.
JPYINR
The JPYINR pair has been trading in a 50 paisa range since the past 4 sessions, majorly because of the pull and push factors that is being created because of the rising bond yields and the BoJ governor hinting towards halting the YCC
The RSI plotted on the daily chart has been moving in a range as the pair moves in a tight range, indicating exhaustion in the momentum in the pair.
The price action suggests that the 61.25 level 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 waiting for the BoE to come out with their policy amid the double digit inflation.
The GBPINR pair has been facing rejection near the 103.70 zone since the past 3 sessions.
Looking at the price action we can see that the GBPINR pair formed an inside candle, the RSI plotted in the daily chart can be seen forming a bearish hinge near the overbought level, indicating exhaustion in the trend.
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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