The Dollar index saw strong bids amidst increasing Geopolitical tensions in the Middle east - Axis Securities
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USD/INR
The Dollar index saw strong bids amidst increasing Geopolitical tensions in the Middle east. The Dollar index rallied higher above the 103.00 mark, The USDINR pair also saw strong bids and moved close to the 83.20 mark after bouncing off the 82.80 on Monday. On the daily chart USDINR pair formed strong bullish candle and is moving higher towards 20 day moving average which is placed near the 83.25. The RSI has formed a bullish hinge near the oversold zone, indicating strong buying interest in the pair. Technically, we might see the pair find resistance around the 83.30-83.33 zone. On the downside the immediate support is placed around 83.00.
EUR/INR:
The bidding in the Dollar pushed the Euro lower, the EURUSD pair moved below the 1.09 mark. EURINR witnessed some hammering in the noon and pushed it lower towards the 90.45 mark. On the daily chart we can see that the pair has been forming a lower low lower high pattern since the past three sessions. The RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair In the sessions to come we might see the pair move lower towards 90.40-90.30 zone. On the upside the immediate resistance is placed near 90.70-90.80.
JPY/INR:
The JPYINR reacted to the rising Dollar index and the US 10 year bond yields. The pair opened on negative note and then drifted lower towards the end of the session. On the daily time frame the pair formed a bearish candle for the third session straight after it broke below the 50 day moving average. 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 57.00-57.20. On the downside 56.50 is expected to act as an immediate support.
GBP/INR:
The GBPINR got Hammered after the jobs data and moved lower towards the 105.00 mark. The pair opened on a negative note and moved lower towards the 50 day moving average. On the daily chart the pair formed a bearish candle for the third session straight. The RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair. In the sessions to come we might see 105.50 act as a resistance. On the downside the immediate support is placed near the 104.80-104.50.
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