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USDINR

Strategy for coming week

Sell USDINR below 82 Stop Loss @ 82.90 View: Bearish Target @ 80

View for the pair is Bearish and if the pair break below 82 it is likely to see 81 and 80 levels on the downside.

Technical Outlook on Rupee

• USDINR pair on the week chart price making lower lows and lower highs. On the daily chart pair has closed below the 50 SMA. Momentum indicators RSI has given at negative crossover thus confirming bearish movement.

• If pair break below 82 we could see prices heading towards 81 and 80 on the downside . On the other hand, break above 82.90 would see pair testing 83.50 and 84 on the upside.

Fundamental news on USDINR

• The business activity in the US service sector continued to expand at an accelerating pace in November with the ISM Services PMI rising to 56.5 in November from 54.4 in October. This reading came in better than the market expectation of 53.1. The inflation component of the survey, the Prices Paid Index, declined to 70 from 70.7, compared to analysts' estimate of 73.6. The Employment Index rose to 51.1 from 49.1 and the New Orders Index edged lower to 56 from 56.5.

• In the week ending December 3, the advance figure for seasonally adjusted initial claims was 230,000, an increase of 4,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 225,000 to 226,000.

•The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $78.2 billion in October, up $4.0 billion from $74.1 billion in September.

EURINR

Strategy for coming week

Buy EURINR above @ 87.25 Stop Loss @ 86 View: Bullish Target @ 90

View for the pair is bullish a break above 87.25 would push prices towards 89 and 90 on the upside.

Technical Outlook on EURINR

• EURINR pair on the weekly char making higher highs and higher lows formation. On the daily chart pair has closed above the 20 and 50 SMA

• Momentum indicators RSI has given a positive crossover denoting confirming the bullish momentum.

• From the below observation we can conclude that if prices break above 87.25 pair could test 89 and 90 on the upside . On the other hand break below 86 could see pair testing 85 and 84 on the downside.

Fundamental news on EURINR

• The business activity in the US service sector continued to expand at an accelerating pace in November with the ISM Services PMI rising to 56.5 in November from 54.4 in October. This reading came in better than the market expectation of 53.1. The inflation component of the survey, the Prices Paid Index, declined to 70 from 70.7, compared to analysts' estimate of 73.6. The Employment Index rose to 51.1 from 49.1 and the New Orders Index edged lower to 56 from 56.5.

• In the week ending December 3, the advance figure for seasonally adjusted initial claims was 230,000, an increase of 4,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 225,000 to 226,000.

•The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $78.2 billion in October, up $4.0 billion from $74.1 billion in September.

GBPINR

Strategy for coming week

Buy GBPINR above @ 101.10 Stop Loss @ 100 View: Bullish Target @ 104

View for the pair is bullish a break above 101.10 would push prices towards 102.75 and 104 on the upside.

Technical Outlook on GBPINR

• GBPINR pair on the weekly char making higher highs and higher lows formation. On the daily chart pair has closed above the 20 and 50 SMA

• Momentum indicators RSI has given a positive crossover denoting confirming the bullish momentum.

• From the below observation we can conclude that if prices break above 101.10 pair could test 102.75 and 104 on the upside . On the other hand break below 100 could see pair testing 99 and 97 on the downside.

Fundamental news on GBPINR

• The UK service sector registered another modest contraction of activity during November as levels of incoming new work continued to fall amid ongoing economic uncertainty and cost of living challenges weighing on discretionary spending.

• UK construction companies signalled a renewed slowdown in business activity growth during November, reflecting subdued demand and reduced risk appetite among clients. A number of survey respondents noted that higher borrowing costs and worries about the economic outlook had curtailed construction activity.

• Average house prices fell in November as the rate of annual growth slowed further to +4.7% (from +8.2%), with the typical UK property price now sitting at £285,579. The monthly drop of -2.3% is the largest seen since October 2008 and the third consecutive fall.

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