he USDINR pair opened above the 82.00 mark - Axis Securities
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USD/INR
Ahead of the BoE policy the traders seem to be focusing on the hawkish comments by the FED members, this seems to be pushing the US Dollar higher. The USDINR pair opened above the 82.00 mark and moved higher to print a high of 82.19. From the price action point of view the pair formed a open equal to low pattern, indicating buying interest in the pair from the first tick. The RSI plotted in the daily chart can be seen heading higher, indicating increasing bullish momentum in the pair Technically, the pair has might face some resistance near the 82.40 which is a multiple touch point level and also the 50 Day moving average. On the downside the immediate support is now placed at 82.00-81.80. as long as the pair manages to hold on to this support level we might see it head higher towards the 82.40-82.50 zone
EUR/INR
The BoJ authorities have been verbally intervening, to arrest the depreciation in the Yen. The JPYINR pair opened on a slightly positive note and then moved higher for the rest of the session. The RSI plotted on the daily chart formed a bullish hinge near the oversold zone, indicating increasing bullish momentum in the pair. The price action in the pair suggest that the pair could find some support near the 57.70 zone In the sessions to come if the pair manages to hold on above the 57.70 zone, we might see the pair head higher towards the 58.50 zone.
JPY/INR
The BoJ authorities have been verbally intervening, to arrest the depreciation in the Yen. The JPYINR pair opened on a slightly positive note and then moved higher for the rest of the session. The RSI plotted on the daily chart formed a bullish hinge near the oversold zone, indicating increasing bullish momentum in the pair. The price action in the pair suggest that the pair could find some support near the 57.70 zone In the sessions to come if the pair manages to hold on above the 57.70 zone, we might see the pair head higher towards the 58.50 zone.
GBP/INR
With the UK CPI and the BoE policy just around the corner, the traders seem to be avoiding speculative bets, this has lead to the GBPINR pair trade in a tight range between 105.10 and 104.70 The GBPINR pair moved lower after facing rejection near the 105.10 zone. The price action on the daily chart suggests that the pair is facing string rejection around the 105.00-105.10 zone. The RSI plotted on the daily chart can be seen forming a bearish hinge near the overbought level, indicating presence of bearish momentum in the pair. Technically, the pair is expected to face rejection near the 105.10. On the downside the supports are placed near the 104.00 mark.
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