Gbpinr open on a positive note - Axis Securities Ltd
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USD/INR
The FED policy was out and the Dollar index tanked lower towards the 103.00 zone The USDINR continued to be driven by flows. The pair opened on a negative note and then traded in a tight range for the rest of the session. On the daily chart the pair formed an inside candle, with long lower wick, indicating buying interest near the 83.00 zone. RSI plotted on the daily chart can be seen forming a bearish hinge, indicating a possible exhaustion in the bullish momentum in he pair. Technically, the 83.20 is expected to act as a resistance, if this level is taken out we might see the pair head higher towards 83.30 zone. On the Downside the immediate support has moved higher towards 83.00.
EUR/INR
The EURINR pair opened on a positive note, but failed to move above the 91.00 mark. On the daily time frame, the pair formed a Doji candle, indicating lack of decisiveness in the pair. The RSI plotted on the daily chart, can be seen moving lower, indicating increasing bearish momentum in the pair. Going by the price action, 90.90-91.00 is expected to act as a resistance level. On the downside, 90.50-90.30 zone is expected to act as a major support level.
JPY/INR
The Yen continued to move lower against the Dollar, and this put pressure on the JPYINR pair. The JPYINR opened on a positive note and then moved lower 55.00, towards the end of the session. On the daily chart the pair can be seen facing rejection near the 55.30 zone. The RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair. Overall chart structure of the pair seems to be negative, so in the sessions to come we might the immediate support is placed near the 54.80 zone. In the sessions to come we might see the resistance placed near the 55.30 zone
GBP/INR
The pound rallied higher on Wednesday evening after the FED policy, this led to the GBPINR open on a positive note. The pair opened above the 106.20, but failed to follow though, and moved lower towards the 106.00 mark towards the end of the session. On the daily chart we can see that the pair formed a small bodied bearish candle, with a long upper wick, indicating major rejection near the 106.30 zone. On the daily chart, the RSI continues to move higher, indicating presence of bullish momentum in the pair In the sessions to come we might see 106.30 act as a resistance. On the downside the immediate support is placed near the 105.80 mark.
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