The Euro gained momentum during the day and moved above the 91.00 mark for a brief moment - Axis Securities
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USD/INR
With the traders on the sideline waiting for the PCE data the Dollar index continued to trade with a neutral bias. USDINR pair did some bidding which took it higher towards 83.25 On the daily chart we can the pair has been forming a bullish candle since the past two sessions after bouncing off 82.90 mark The RSI plotted on the daily chart is moving higher, indicating increasing bullish momentum in the pair. Technically, the immediate resistance for the pair is placed near 83.30. On the downside the immediate support is placed near the 83.00 mark.
EUR/INR
The Euro gained momentum during the day and moved above the 91.00 mark for a brief moment. The pair opened on a positive note and moved higher for the rest of the session. On the daily chart the pair is placed above both the 20 and the 50 day moving average, indicating presence of bullishness in the trend. The RSI plotted on the daily chart can be seen moving higher, indicating presence of bullish momentum in the pair. Since the past two sessions the pair has been forming a higher high higher low pattern, Technically we might see the 91.30 to act as a resistance in the sessions to come. On the downside the immediate support is placed near 90.70
JPY/INR
It was Policy day for the Yen, and the central bank kept the stance and policy rate unchanged. The JPYINR was very volatile during the day, in spike the pair tested a high of 58.50, and then ended the session near 57.50. On the daily chart we can see, that the pair formed a strong bearish candle, with a long lower wick, indicating presence of bearishness in the trend. 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 find resistance near the 58.00. On the downside 57.30 could act as a support.
GBP/INR
The GBPINR opened on a flattish note, and then rallied higher towards 105.80. On the daily chart we can see that the pair bounced off the 20 day moving average and moved higher. The RSI plotted on the daily chart can be seen moving higher towards the overbought level, indicating increasing bullish momentum in the pair. In the sessions to come we might see the immediate support come in around 105.10 zone. On the upside the immediate resistance is placed near the 105.83-105.93 zone.
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