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USD/INR

Wednesday started off with the Dollar index trading below the 102 mark, as the JOLTS data showing that the Job openings came in significantly lower than the previous data release and also the analysts estimates. Tomorrow we also have the RBI policy, as of now the traders are pricing in a 25 BPS hike. This led to the USDINR pair opening lower compared to the previous session close. Mid day there was a massive surge in the volatility (suspected corporate flows) which pushed the pair lower towards the 82.00 mark for a brief moment. The RSI plotted on the daily chart can be seen forming a lower low lower high pattern, indicating exhaustion in the bullish trend in the pair. The price action on Wednesday showed some buying interest in near the 82.00 mark, so in the sessions to come, we might see USDINR pair find support near the 82.00 handle. If the pair manages to bounce off the 82.00 mark, we might see a move towards 82.50 and 82.80. On the flip side if the pair moves below the 82.00 mark, we might see the pair head lower towards 81.80.

EUR/INR

The Euro, came out with PMI today, there was a major contraction in the service PMI from the both France and the Germany. Looking at the data from other economies of the bloc, there was a mild recovery in the PMI data but the overall trajectory remains on the downside as the better than expected figures could not improve the over all view of the economy. The EURINR pair faced strong rejection around the 90.00 zone, and came off its highs towards the end of the session. On the daily chart the EURINR ended the session on a negative note after a gap up open, the Stochastic plotted on the daily chart can be seen forming a bearish hinge near the overbought level, indicating exhaustion in the bullish trend. In the sessions to come, we might see the pair find some hurdle near the 90.00-90.20 zone. On the downside we might see the support come in near the 89.50 level.

JPY/INR

The softer bond yields did benefit the Yen, and we saw a good up move in the JPYINR pair. However, the falling USDINR pair laid weight on the it and pushing it lower towards 62.40. The JPYINR pair on Wednesday after a gap up open attempted to move above the 62.80 level (50 Day SMA). As of now the prices are sandwiched between the 20 and the 50 Day moving average. The 62.00 continues to be a crucial level we will continues to watch. As long as the pair manages to sustain above it, we might see some more attempts by the JPYINR to move above the 63.00 mark. In the sessions to come if the pair manages to hold above the 62.00 zone, we might see the buying interest take the pair higher towards the 62.80- 63.00. On the flip side if the pair slips below the 62.00 mark we might see the pair head lower towards the 61.70 level.

GBP/INR

The positive market mood led to the GBPINR pair opening with an gap. On Wednesday we saw the GBPINR pair face some resistance near the 102.70 mark, while it was on tract to test the 103.00 level. From the price action point of view, the GBPINR pair has been forming a higher high higher low pattern, but the candle formation on Wednesday is a bit of a worry, as we saw some selloff near higher levels. The stochastics, on the daily time frame has formed a bearish hinge near the over bought level, indicating exhaustion in the bullish momentum in the pair. In the sessions to come, the 102.70-103.00 mark is expected to act as a resistance level, if the pair manages to break above it, we might see the pair head higher towards the 103.30. On the downside we might see the support placed near the 102.00-101.80 handle

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