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USDINR – DAILY CHART

Strategy for coming week

Buy above 83.00

Stop Loss @ 82.50

View: Bullish

Target @ 83.50

View for the pair is bullish and if the pair breaks and sustains above 83.00 it is likely to see 83.50 levels on the upside

Technical Outlook on Rupee

• USDINR pair on the weekly chart has been facing rejection near the 83.00 mark since the past couple of weeks. The broader range of the USIDNR pair has been 82.50- 83.00.

• If pair break above 83.00 we could see prices heading towards 83.50 on the upside . On the other hand, break below 82.50 would see pair testing 82.00 and 81.80 on the downside

Event calendar for USDINR

EURINR – DAILY CHART

Strategy for coming week

Sell below @ 87.50

Stop Loss @ 88.00

View: Bearish

Target @ 86.80

View for the pair is Bearish a break below 87.50 would push prices lower towards 87.00 and 86.50

Technical Outlook on EURINR

• EURINR pair on the weekly chart made a lower low lower high patter for the fourth week in a line.

• Momentum indicators RSI has given a negative cross over confirming the bearish momentum.

• From the above observation we can conclude that if prices break below 87.50 pair could test 87.00 and 86.50 on the downside. On the upside we might see the resistance come near the 88.00 zone

Fundamental news on EURINR

• The Euro was majorly dominated by the price movement in the US Dollar, and the expectation of a Hawkish FED kept it under a lot of pressure.

• The Euro Area, PMI data, showed that the Service sector activities improved, while the Manufacturing activities took a beating, over all the data was taken positively by the market, but the biding in the King dollar put a lot of pressure on theEURUSD pair.

Event calendar for EURINR

GBPINR – DAILY CHART

Strategy for coming week

Sell below @ 99.00

Stop Loss @ 99.50

View: Bearish

Target @ 98.20

View for the pair is Bearish a break below 99.00 would push prices lower towards 98.20 and 97.50

Technical Outlook on GBPINR

• GBPINR continued to remain under pressure as the market mood was more tilted toward the US Dollar, the pair attempted to move higher, but faced strong rejection near the 100.50 mark

• Momentum indicators RSI has given a negative crossover confirming the bearish momentum.

• From the above observation we can conclude that if prices break below 99.00 pair could test 98.20 and 97.50 on the Downside. The immediate resistance is placed near the 99.50.

Fundamental news on GBPINR

• The PMI data showed a surprised recovery in the industrial activities, which pushed the GBP pairs higher. However, this up move was short lived as the market mood soured and the tilted towards the safe haven Dollar, pushing the GBPUSD pair lower below the 1.20 mark

. • In the coming week we have the BOE Governor who is expected to speak at the Cost of Living Crisis Conference organized by the Brunswick Group, in London. The traders will look for hints about the next policy move and the interest rate decision.

Event calendar for GBPINR

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