The Dollar index moved lower after facing rejection around the 103.00 mark though out the session - Axis Securities
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USD/INR:
The Dollar index moved lower after facing rejection around the 103.00 mark though out the session. The USDINR pair was broadly range bound and moved between 83.13 and 83.21. On the daily chart the pair formed a small bodied candle with wicks on either sides, indicating lack of indecisiveness in the pair. The RSI on the daily time frame can be seen flattening around the 50 mark, indicating lack of momentum in the pair. Technically, we might see the pair find resistance around the 83.25-83.30 zone. On the downside the immediate support is placed around 83.00
EUR/INR:
The Euro opened on a positive note and moved between 90.75 on the upside and 90.50 though out the session. On the daily chart the pair formed a small bodied candle with a long upper wick, indicating rejection near the 90.75. The RSI plotted on the daily chart can be seen slowly moving higher, indicating steady increase in the bullish momentum in the pair. In the sessions to come we might see the pair find resistance around 90.80 followed by 91.00 On the downside the immediate support is placed near 90.30.
JPY/INR:
The US 10-year bond yields are moving higher, and this has impacted the yen big time. The USDJPY pair currently is moving higher towards 148.00-149.00 The lower low lower high pattern continued in the JPYINR pair. On Thursday JPYINR saw some buying interest which pushed the pair higher towards 56.45. The RSI plotted on the daily chart can be seen moving lower, suggesting an increase in bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 56.50-56.65 On the downside 56.15 is expected to act as an immediate support
GBP/INRl:
The GBPINR opened on a flattish note and moved higher towards the 105.70 (20 day moving average), where it faced strong rejection multiple times. The strong selling pressure in the pair pushed it lower towards 105.35 towards the end of the session The RSI plotted on the daily chart can be seen flattening, indicating lack of momentum in the pair In the sessions to come we might see 105.70-105.80 act as a resistance. On the downside the immediate support is placed near the 105.20-105.00.
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