IGI Logo

USD/INR

It was yet another session driven by the market mood, the sessions started off with a negative mood, after the banking crisis resurfaced, this pushed the Dollar index higher. The USDINR pair despite the changes in the market mood has been fairly stable as the push and pull factors have been playing out. On Wednesday we saw a sudden sell off in the USDINR pair which pushed it lower towards the 81.80 zone. As of now the pair placed below it major moving averages. The 20 Day EMA can be seen breaking below the 200 Day EMA The RSI plotted on the daily chart can be seen heading lower towards the oversold zone, indicating, presence of bearish momentum in the pair. Since the past couple of weeks we have seen the USDINR pair find support near the 81.80 zone, so the price action around this level will be crucial to watch. If the pair manages to hold on to it, we might see a bounce back towards the 82.20-82.30 zone. If we see a break below the 81.80 zone we might see the sell off accelerate which could take the pair lower towards the 81.50 leve

EUR/INR

The risk off mood of the market in the early Asian hours led to the EURINR pair opening on a negative note. The pair found some buying interest near the session low, which pulled it higher towards the 90.50 zone. As of now the EURINR is placed above all the major moving averages, the RSI plotted on the daily chart can be seen flattening, indicating exhausting momentum in the pair. The price action suggests that there is some bullishness in the pair, as long as it manages to sustain above the 90.00 zone. On the upside the immediate resistance is placed near the 90.60-90.80 zone.

JPY/INR

The flight to safety pushed the Yen higher, the USDJPY pair, broke below the 134.00, and the volatile bond yields helped the JPYINR pair open on a very positive note. However the pair found resistance around the 61.85 mark, post which we saw some sell off. As of now the pair is placed below all the major moving averages, the stochastics plotted on the daily chart can be seen flattening near the oversold zone, indicating exhausting momentum in the pair. The price action in the pair suggests that the pair is expected to find some resistance near the 61.80 level. On the downside the immediate resistance is placed near the 61.40 zone. Technically, the pair is consolidating between 61.90 and 61.30

GBP/INR

The volatile market mood and sentiment, lead to increased volatility in the Pound. The GBPINR attempted to move higher after a flattish open, but failed to breach above the 102.24 As of now the GBPINR pair seems to be heading lower towards the 20 Day EMA (101.70). The RSI plotted on the daily chart can be seen getting flattish as the pair broadly moves between 101.40 and 102.40. Technically, the GBPINR is consolidating, on the downside we might see the pair find support near the 101.70 zone and on the upside the resistance is placed near the 102.50. In the sessions to come we expect the GBPINR pair to find support near the 20 Day EMA. On the upside we might see the pair find resistance near the 102.50 zone

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