The Dollar index drifted lower and this pushed the Euro higher - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
USD/INR:
Strong inflows helped the Rupee appreciate, and test a low of 83.00. The price action suggests, strong buying interest near the 83.00 zone. On the daily chart we can see the pair faced rejection near 20 day moving average and ended the session with a negative note. The RSI on the daily chart can be moving lower, indicating increasing bearish momentum in the pair. Going by the price action we might see the pair find support around the 82.90- 82.80. On the upside the immediate resistance is place near the 83.20-83.30 zone.
EUR/INR:
The Dollar index drifted lower and this pushed the Euro higher. The EURINR pair traded in a very tight range after a positive open. On the daily time frame, we can see that the pair formed a small bodied with wicks on either sides, indicating indecisiveness after a positive open. The RSI plotted on the daily chart has formed a bullish hinge, suggesting a bounce from the oversold zone. Going by the price action, 89.70 is expected to act as a resistance level. On the downside the support is placed near 89.30.
JPY/INR:
JPYINR opened on a positive note, marked a high of 56.40 and then drifted lower for the rest of the session. On the daily chart, the pair formed a small candle with an upper wick, indicating rejection near the 56.50 zone. The RSI plotted on the daily chart can be seen attempting to move higher towards the reference line, hinting towards increasing bullish momentum in the pair. In the sessions to come we expect 56.50 to act as a strong resistance. On the downside the immediate support is placed near 56.00 zone.
GBP/INR:
The pound gained some strength and inching higher toward the 105.00 mark. The GBPINR opened on a positive note and then drifted higher for the rest of the session. On the daily chart we can see that the GBPINR pair formed a bullish candle with an upper wick, indicating rejection around 105.00 mark. The RSI plotted on the daily time frame can be seen forming a bullish hinge, indicating increasing bullish momentum in the pair. In the sessions to come we might see 104.90-105.00 act as a resistance. On the downside the immediate support is placed near the 104.50.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
