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USDINR

Strategy for coming week

Buy on dips near 82.90

Stop Loss @ 82.70

View: Upward drift

Target @ 83.30- 83.45

USDINR has seen buying interest near the 82.90 zone.

Technical Outlook on Rupee

• Since the past two sessions the USDINR pair has been moving lower, the pair tested a low 82.90 on Friday, the price action around that level suggests, strong buying interest near this level.

• The RSI plotted on the daily chart, is very close to the oversold zone, so might see the bearish momentum in the pair come to a halt soon.

• The month end selling and the general bearishness in the Dollar index pushed the USDINR pair lower. The price action suggest strong buying near 82.90. So, any move towards the level can be bought into with a target of 83.30- 83.45, we recommend a strict stop loss of 82.70

Fundamental news on USDINR

• In the week that passed by, we had the FED policy where in the central bank chose to keep the policy rates unchanged and sounded a bit hawkish, reducing the bets of the possibility of the rate cut in the month of March, to add to it we also had developments in the geopolitical tensions which added to bullishness in gold.

• In the coming week we have the FED chair Jerome Powell speaking about economy and inflation, then we have he the service PMI numbers and the unemployment claims number which could spike up the volatility in the currency markets.

Event calendar for USDINR

EURINR

Strategy for coming week

Sell on rise near 90.40

Stop Loss @ 90.80

View: Bearish

Target @ 89.60- 89.30

EURINR facing rejection near 90.80.

Technical Outlook on EURINR

• In the week that passed by the EURINR broke below the lower range of the consolidation and printed a low of 89.70.

• The RSI plotted on the daily chart is heading higher, indictaing presence of bullishness in the pair.

• Going by the price action, the pair is expected to face strong rejection near the 90.50, we suggest selling the pair as it moves closer to the 90.40 zone. On the downside we might see the pair find support near the 89.80 and eventually towards 89.60. we recommend a strict stop loss of 90.80 on the upside.

Fundamental news on EURINR

• In the week that passed by, despite the data releases from the Bloc the Euro was majorly driven by the trend and the momentum of the Dollar.

• In the coming week, we do not have any major data releases from the bloc so the trend and momentum of the Euro will be majorly dependent on the Dollar.

GBPINR

Strategy for coming week

Sell on rise near @105.90

Stop Loss @ 106.30

View: Range bound

Target @ 105.30- 105.00

GBPINR pair has been broadly trading in a range between 106.30 and 105.00 since the past couple of weeks.

Technical Outlook on GBPINR

• Since the past couple of sessions, the GBPINR pair has been range bound between 106.20 and 105.00. Currently is placed near the upper bound of the consolidation zone.

• The RSI plotted on the daily chart has been hovering around the reference line, indicating lack of momentum in the pair.

• Going by the price action as long of the upper bound of 106.20 and the lower bound of 105.00, currently the pair is placed near the upper bound of the consolidation. So, any move towards 105.90 can be sold into, with a target of 105.30 and 105.00. we recommend a strict stoploss of 106.30

Fundamental news on GBPINR

• In the week that passed by, we had the BOE policy where in the central bank kept the policy rates unchanged and showed a bit of flexibility with respect to further rate path.

• In the coming week, we have the construction PMI data from the UK economy, which could spike up the volatility in the Pound pairs.

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