IGI Logo

USD/INR 

The fear around the banking crisis and the uncertainty around the Debt ceiling seems to be pushing the demand for the safe haven dollar.

The USDINR pair was on the boil today and moved higher towards the 82.40 level after a positive open.

If we look at the price action closely, we can see that the pair faced rejection around the 82.40 zone which happens to be placed a notch above the 50 and the 200 day moving average. The RSI plotted in the daily chart can be seen, moving higher towards the overbought level, indicating presence of bullish momentum in the pair.

Technically, the 82.20-82.00 zone is expected to act as a support level in the sessions to come.

On the upside we might see the pair find some hurdle around the 82.50 zone. if the pair manages to breach above the 82.50, we might see it rally towards the 82.80 zone.

EUR/INR

There are major growth concerns in the EU, the analysts and economists project the bloc is expected to face a phase of slow growth. Today we had the Industrial production data from the EU, and the print came in at the lowest level since October 2021.

The EURINR pair opened on a negative note, but towards the end of the session the pair recovered most of its losses and ended near the 50 Day EMA.

The RSI plotted in the daily chart can be seen heading lower towards the oversold zone, indicating increasing bearish momentum in the pair.

Technically, the EURINR pair can be expected to find resistance near the 90.30 zone.

The price action suggests that the trend of the EURINR pair might be tilted towards a negative bias. The next support for the pair might come around the 89.30 and 89.00 zone

GBPINR

The general capital flight towards the safe haven dollar put a lot of pressure on the currencies like the Pound.

The GBPINR pair opened on a negative note tested a low of 102.41, from where the pair bounced off and move higher towards the 103.00 mark.

Looking at the price action in the GBPINR pair, the way the pair bounced off the 102.40 mark, suggests that there is some buying interest around that level.

So in the sessions to come we might see the 102.40 zone act as a support. On the upside, the 103.10 mark is expected to act as a resistance level.

JPY/INR

The bond yields inching higher and the dollar index moving above the 102.00 mark pushed the USDJPY pair higher around the 137.00 zone

This translated in the JPYINR pair opening below the 61.00 zone. in the initial few minutes the pair tested a low of 60.55 and then remained in a range for the rest of the session.

The RSI plotted on the daily chart can be seen forming a bearish hinge near the reference line indicating presence of bearish momentum in the pair.

The price action suggests that the 61.00 level could act as a resistance in the sessions to come.

On the downside the 60.40-60.30 is the level we will keep a close watch as a support 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