EURINR opened on negative note and attempted to move higher in the first half of the day - Axis Securities
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USD/INR
The pre FED anxiety pushed the Dollar index higher. USDINR pair opened on a flattish note, but towards the end of the session, bidding took the pair higher towards 83.47. On the daily chart we can see that the USDINR pair formed a small bodied bullish candle with long lower wick, indicating buying interest near 83.40. The RSI plotted on the daily chart can be seen moving higher, hinting towards increasing bullishness in the pair. The immediate resistance for the pair is placed around the 83.50-83.60. On the downside the immediate support is placed near 83.10-83.00
EUR/INR
With the Dollar index moving higher some pressure was seen on the Euro, broadly the EURINR pair moved in a tight range. EURINR opened on negative note and attempted to move higher in the first half of the day, strong selling pressure around 90.11 pushed it lower towards 89.90. On the daily chart, the pair formed an inside candle, indicating lack of momentum in the pair. The RSI plotted on the daily chart can be seen moving lower towards the oversold level, hinting towards increasing bearishness in the pair. In the sessions to come, the immediate support is placed near the 89.80-89.70. The immediate resistance is placed near the 90.30-90.50 zone.
JPY/INR
Strong bidding in the pair Dollar index put some pressure on the USDJPY pair. The JPYINR opened on a negative note, On the daily chart we can see, that the pair formed an inside candle, indicating low volatility in the pair. The RSI plotted on the daily chart can be seen drifting higher, indicating increasing slowing bullish momentum in the pair. In the sessions to come we might see the pair find resistance near the 57.60-57.70. On the downside 57.20 could act as a support.
GBP/INR
The UK GDP data was a negative surprise and the pound tanked. The GBPINR faced major selloff and moved lower towards 104.40 On the daily chart, we can see that GBPINR managed to break below the multisession consolidation low. The RSI plotted on the daily chart can be seen moving lower towards oversold zone, indicating increasing bearish momentum in the pair. In the sessions to come we might see the immediate support come in around 104.00 zone. On the upside the immediate resistance is placed near the 104.60-104.70 zone.
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