The EURINR opened on a positive note and then drifted lower - Axis Securities Ltd
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USD/INR
The dovish comments by the FED hawks seem to be putting a lot of pressure on the Dollar, which pushed the Dollar index lower below the 103.00 mark. The USDINR pair since the past couple of sessions has been trading around the 83.30 zone. On the daily chart the pair formed a small bodied candle with a long lower wick, indicating buying near the 83.30 zone. The RSI plotted on the daily chart can be seen forming a bearish hinge, indicating a possible exhaustion in the bullish momentum in the pair. The immediate resistance for the pair is placed around the 83.50. On the downside the immediate support is placed near 83.10-83.00
EUR/INR
The softening Dollar index has been a major supporting factor for the Euro. The EURINR opened on a positive note and then drifted lower. On the daily chart, the pair formed a strong bearish candle, indicating mild sell off near the 91.80 zone. The RSI plotted on the daily chart can be seen drifting higher, hinting towards a presence of bullish momentum in the pair. In the sessions to come, the immediate support is placed near the 91.00- 90.80. The immediate resistance is placed near the 91.80-92.00 zone.
JPY/INR
The USDJPY pair moved below the 147 mark, and this pushed the JPYINR pair above the 56.50 mark. The JPYINR pair opened on a very positive note and then drifted lower towards 56.75 zone. On the daily chart we can see that the pair formed a small bearish candle with an upper wick, indicating slight rejection near 57.00 mark The RSI plotted on the daily chart can be seen moving higher towards the overbought mark, indicating increasing bullish momentum in the pair In the sessions to come we might see the pair find resistance near the 57.00-57.30. On the downside 56.70 could act as a strong support.
GBP/INR
The GBPINR pair opened on a positive note and then consolidated throughout the session. On the daily chart, the pair formed a small bodied candle wit wicks on either sides, indicating indecisiveness in the pair. The RSI plotted on the daily chart can be seen inching higher, indicating increasing bullish momentum in the pair. In the sessions to come we might see the immediate support come in around 105.50- 105.30 On the upside the immediate resistance is placed near the 106.00-106.30 zone.
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