The Dollar index drifted higher towards the 106.00 mark during the Indian trading session - Axis Securities Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
USD/INR
The Dollar index drifted higher towards the 106.00 mark during the Indian trading session. This did put some pressure on the USDINR pair. After a flattish open the USDINR pair attempted to move higher towards the 83.33 zone, but the strong selling activity kept the gain in the pair capped. On the daily chart we can see that the pair is placed below the 20 and the 50 day moving average both of which happen to fall near the 83.33 zone. The RSI plotted on the daily chart can be seen hovering around the reference line, indicating lack of momentum in the pair. In the sessions to come, the immediate support for the pair is placed near the 83.00-83.10. On the upside the immediate resistance is placed near 83.35-83.50.
EUR/INR
The Dollar bidding pushed the Euro lower, the EURUSD pair moved after facing rejection near the 1.07 zone. After a negative open, the EURINR pair drifted lower towards the 50 day moving average. On the daily chart, EURINR pair formed a bearish candle, with a long upper wick, indicating rejection near the 89.20. The RSI plotted on the daily chart can be seen forming a bearish hinge and moving lower towards the reference line, indicating exhaustion in the bullish momentum in the pair. In the sessions to come, the immediate support is placed near the 88.75-88.60. The immediate resistance is placed near the 89.30-89.50 zone.
JPY/INR
The USDJPY stayed above the 150, which in turn pushed the JPYINR pair lower. The JPYINR opened on a negative note and moved lower towards the 55.40 zone. On the daily chart we can see that the pair has been consolidating between 56.00- 55.30. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 55.60 On the downside the 55.30-55.10 is expected to act as a support
GBP/INR
The Dollar index moving higher, and sour risk sentiment pushed the GBPUSD pair lower. The GBPINR opened on a slight negative note and moved lower towards the 102.00 zone. On the daily frame, we can see that the GBPINR moved below the 50 day moving average, and at the moment it seems to be heading lower towards the 20 day moving average. The RSI plotted on the daily chart has formed a bearish candle and moving lower towards the reference line, indicating increasing bearish momentum in the pair. In the sessions to come we might see the immediate support come in near the 101.80- 101.50 On the upside the immediate resistance is placed near the 102.40-102.50 zone.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
