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USD/INR

The recent data releases from the US economy seems to be supporting the FED to pause the tightening. The Jolts data showed that the number of the Job openings significantly fell and missed the analysts estimates which was already adjusted on the lower side. On the daily chart the USDINR pair has been moving between the 83.00 and 82.00. The price action suggests that the abovementioned levels are here to stay for some time. On Monday, the pair found support near the 20 day and the 50 Day moving average. The RSI plotted on the daily chart can be seen hovering around the 50 mark, indicating lack of momentum in the pair. In the sessions to come, we will keep a close watch on the 82.00 mark, which is expected to act as a support level, if this level is breached, we might see the pair move lower towards the 81.70- 81.50 zone. On the upside we might see resistance come near the 82.80- 83.00 zone

EUR/INR

The Euro is majorly moved by the price movement in the US Dollar, on Monday the market mood majorly tilted towards the riskier assets and the US Dollar witnessed some hammering, this pushed the Currencies like the euro higher. The stronger EURUSD pair means the EURINR pair too moved higher, On Monday, after the initial beating the pair not only managed to recover the loss but also managed to end the session with a gain. On the daily chart we can see the EURINR pair attracting string buying interest near the 89.00 zone. The Stochastics plotted on the daily chart can be seen moving higher, indictaing presence of the momentum in the up move. In the sessions to come, we might see the pair make a move towards the 90.00 level, on the downside the key level that we will be watching is the 89.20

JPY/INR

To trade the Yen, one needs to closely watch the US bond yields. The 2-year expiry bonds, faced rejection near the 4.20% zone, this was reflected in the USDJPY pair as a resistance near the 134.00, and a move lower towards the 130.00 zone. The JPYINR pair on Monday the pair moved in the previous session range and was comparatively less volatile. As of now the prices are sandwiched between the 20 and the 50 Day moving average. The 62.00 is a very crucial level for the JPYINR pair. the price action around this level suggests some buying interest in the pair. 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 62.50- 62.70. 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 initial hours of trading were a bit indecisive for the pound as the traders were majorly focus on the surprise crude production cut by the OPEC+ cartel. This led to the GBPINR pair opening with a major gap down. On Monday we saw significant buying interest in the GBPINR pair, it bounced off the 101.20 and rallied higher towards the 102.00 zone. From the price action point of view, the GBPINR pair has been forming a higher high higher low pattern since the past couple of sessions. The pair continues to sustain above both the 20 and the 50 Day moving averages, indictaing presence of bullishness in the trend. The RSI plotted on the daily chart can be seen moving higher, indicating presence of bullish momentum in the pair. In the sessions to come, the 102.00 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 102.30 and eventually towards 102.50 zone. on the downside we expect the supports to come in near the 101.50 zone.

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