The Dollar index moving higher above the 104.00 mark - Axis Securities
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USD/INR
The. NFP data pushed the Dollar index higher, which in turn pushed the USDINR pair higher. The pair opened on a very strong note around the 83.20 and then consolidated though out the session. On the daily chart we can see the pair formed a candle with a long lower wick hinting towards buying interest near the 83.00 mark, so in the sessions to come price action around this level will be crucial to watch. The RSI on the daily chart can be seen moving higher towards the reference line, indicating increasing bullish momentum in the pair. Going by the price action we might see the pair find support around the 83.00-82.90 zone. On the upside the immediate resistance is place near the 83.20-83.30 zone.
EUR/INR
The Dollar index moving higher above the 104.00 mark, has put a lot of pressure on the Euro. The EURINR pair opened on a negative note and then continued to drift lower for the rest of the session. On the daily time frame, we can see that the pair formed a bearish candle, after a negative open. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, hinting towards a possible increasing bearish momentum in the pair. Going by the price, we might see the pair move lower towards 89.00 level. On the upside the resistance is placed near 89.80-90.00.
JPY/INR
The Yen opened on a negative note after the US 10 year bond yields moved above the 4.00% mark. The JPYINR pair opened around 56.25, which was significantly lower when compared to the previous session close. On the daily chart we can see that the pair formed a small bodied candle, after a major gap down. The RSI plotted on the daily time can be seen moving higher, indicating increasing bullish momentum in the pair. In the sessions to come we expect 56.60 to act as a strong resistance. On the downside the immediate support is placed near 56.00-55.80.
GBP/INR
The Dollar and the US 10 year bond yields moving higher, put a lot of pressure on the Pound. GBPINR opened on a negative note (Below the 105.00 mark), and continued to move lower towards the 104.50. On the daily chart we can see that pair has moved below the 20 and the 50 day moving average and formed a bearish candle. The RSI plotted on the daily time frame can be seen moving lower, hinting towards increasing bearish momentum in the pair. In the sessions to come we might see 105.00-105.20 act as a resistance. On the downside the immediate support is placed near the 104.50-104.30 zone.
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