The Dollar index trading between gains and losses has led to the Pound trading with a neutral bias - Axis Securities Ltd
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USD/INR
The USDINR pair attempted to move higher, but selling pressure near the 83.50 zone, pushed the pair lower towards the end of the session. On the daily chart the pair formed a candle with a long upper wick, indicating selling near the 83.50 zone. RSI plotted on the daily chart can be seen drifting sideways, indicating lack of momentum in the pair. Technically, the 83.55-83.60 is expected to act as a resistance. On the Downside the immediate support is placed near the 83.20-83.10 zone.
EUR/INR
The EURINR pair opened on a negative note and traded in a 20 odd paisa range through the session. On the daily time frame, the pair formed a small bodied candle with wicks on both sides, indicating indecisiveness 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, 90.60-90.70 is expected to act as a resistance level. On the downside, 90.20-90.10 zone is expected to act as a major support level.
JPY/INR
There were reports about a possible intervention in the USDJPY pair, as the it tested a multi decade high. This pushed the JPYINR pair higher towards the 55.80 towards the end of the session. On the daily chart we can see that the pair has been bouncing off the lower end of the consolidation range. The RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair. Overall chart structure suggests that the pair could be moving higher towards 55.80- 55.90 In the sessions to come we might see the support placed near the 55.30.
GBP/INR
The Dollar index trading between gains and losses has led to the Pound trading with a neutral bias. The GBPINR opened on a negative note and then drifted higher towards 105.46 which it faced strong rejection. On the daily chart we can see that the pair is placed below the 20 and the 50 day moving average. On the daily chart, the RSI can be seen moving lower, indicating increasing bearish momentum in the pair. In the sessions to come we might see 105.60-105.80 act as a resistance. On the downside the immediate support is placed near the 105.10-105.00 mark.
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