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USDINR

Strategy for coming week

Sell USDINR below 81.30 Stop Loss @ 82 View: Bearish Target @ 80

View for the pair is bearish and if the pair break below 81.30 it is likely to see 80.40 and 80 levels on the downside.

Technical Outlook on Rupee

* USDINR pair on the weekly chart broke below the range 82.50 and 83.10 . On the daily chart pair has closed below the 20 and 50 SMA. Momentum indicators RSI has given negative confirming bearish movement.

* If pair break below 81.30 we could see prices heading towards 80.40 and 80 on the downside . On the other hand, break above 82.55 would see pair testing 83.20 and 84 on the upside.

Fundamental news on USDINR

* Fed Chair Powell did not push against the easing of US financial conditions when he ostensibly had an opportunity yesterday. This coupled with expectations of another decline in the US CPI

* The Consumer Price Index for All Urban Consumers declined 0.1 percent in December on a seasonally adjusted basis, after increasing 0.1 percent in November, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.5 percent before seasonal adjustment.

* The index for gasoline was by far the largest contributor to the monthly all items decrease, more than offsetting increases in shelter indexes. The food index increased 0.3 percent over the month with the food at home index rising 0.2 percent. The energy index decreased 4.5 percent over the month as the gasoline index declined; other major energy component indexes increased over the month.

EURINR 

Strategy for coming week

Sell EURINR  below @ 87.60 Stop Loss @ 88.20 View: Bearish Target @ 85

View for the pair is bearish a break below 87 would push prices towards 85.50 and 85 on the downside.

Technical Outlook on EURINR

* EURINR pair on the weekly chart traded with a lacklustre momentum . On the daily chart pair traded in the range 87.60 and 88.50 .

* Momentum indicators RSI has turned flat confirming the lack of momentum.

* From the below observation we can conclude that if prices break below 87.60 pair could test 86 and 85 on the downside . On the other hand break above 88.20 could see pair testing 89 and 90 on the upside.

Fundamental news on EURINR

* In November 2022, production in industry in real terms was up by 0.2% on the previous month on a price, seasonally and calendar adjusted basis according to provisional data of the Federal Statistical Office . A decrease of 0.4% (provisional figure: -0.1%) was observed in October 2022 compared with the previous month.

* In November 2022, the euro area seasonally-adjusted unemployment rate was 6.5%, stable compared with October 2022 and down from 7.1% in November 2021. The EU unemployment rate was 6.0% in November 2022, also stable compared with October 2022 and down from 6.5% in November 2021.

* In November 2022 estimates for seasonally adjusted index of value sales increased by 0.8% in the month on month series and volume grew by 0.4%. In the three months to November 2022 value of sales was up 0.8%, whereas volume of sales dropped by 1.4% when compared with the previous three-month period

GBPINR

Strategy for coming week

Event calendar for GBPINR Sell below @ 99 Stop Loss @ 100.25 View: Bearish Target @ 96

View for the pair is bearish a break below 99 would push prices towards 97.50 and 96 on the downside.

Technical Outlook on GBPINR

* GBPINR pair on the weekly char making lower highs and lower lows formation. On the daily chart pair closed below the 20 SMA denoting bearish momentum.

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

* From the below observation we can conclude that if prices break below 99 pair could test 97.50 and 96 on the downside . On the other hand break above 100.25 could see pair testing 101 and 102 on the upside

Fundamental news on GBPINR

* Monthly real gross domestic product (GDP) is estimated to have grown by 0.1% in November 2022, following growth of 0.5% (unrevised from our previous publication) in October 2022. Looking at the broader picture, GDP fell by 0.3% in the three months to November 2022.

* The services sector grew by 0.2% in November 2022, after growth of 0.7% (revised up from a growth 0.6% in our previous publication) in October 2022; the largest contributions came from administrative and support service activities and information and communication.

* Monthly production output fell by 0.2% between October and November 2022 and is 2.5% below February 2020; this was the last month of "normal" trading conditions before the coronavirus (COVID-19) pandemic. The monthly fall in output resulted from a decline in two of the four production sectors, with manufacturing falling by 0.5%, and electricity and gas by 0.4%.

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