The Dollar index moving higher, pushed the Pound lower - Axis Securities Ltd
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USD/INR
The Pre-FED anxiety pushed the Dollar index higher.
The USDINR opened around the 83.00 mark and then drifted higher towards the 83.20 zone.
On the daily chart we can see that the USDINR pair formed a strong bullish candle, indicating presence of bullish momentum in the pair.
RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair.
Technically, the 83.20 is expected to act as a resistance, if this level is taken out we might see the pair head higher towards 83.30 zone.
On the Downside the immediate support has moved higher towards 83.00.
EUR/INR
The Dollar index moving higher, has pushed the Euro lower.
The EURINR in the second half went though a sell off, and moved lower towards 90.10 zone.
On the daily time frame, the pair formed an inside candle, indicating lack of momentum in the pair.
The RSI plotted on the daily chart, can be seen moving lower, indicating increasing bearish momentum in the pair.
Going by the price action, 90.30-90.40 is expected to act as a resistance level.
On the downside, 90.00-89.90 zone is expected to act as a major support level
JPY/INR
The Japanese economy was shut on Wednesday, so the yen was majorly driven by the trend and momentum in the Dollar.
The JPYINR moved below the 55.00 mark, and then traded in a range.
On the daily chart we can see that the pair has been forming a lower low lower high pattern, indicating presence of bearishness in the pair.
The RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair.
Overall chart structure of the pair seems to be negative, so in the sessions to come we might see the pair move lower towards psychological level of 54.50. In the sessions to come we might see the resistance placed near the 55.10-55.20 zone
GBP/INR
The Dollar index moving higher, pushed the Pound lower.
The GBPINR pair opened on a flattish note, and we did see some spikes after the inflation data was out.
On the daily chart, the pair can be seen forming a bullish hinge, indicating a possible increase in the bullish momentum in the pair.
In the sessions to come we might see 105.70 act as a resistance. On the downside the immediate support is placed near the 105.40-105.20 mark
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