The Euro was dependent on the trend and momentum of the Dollar - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
USD/INR
The Dollar index moved lower towards the 102.00 mark ahead of the US CPI data, this coupled with some hefty flows from FPI pushed the USDINR pair lower.
The pair tested a low of 83.03 during the day and then attempted to move higher towards the end of the session.
On the daily chart we can see that the pair formed a bearish candle, with a long lower wick, indicating buying interest near the 83.00 mark.
The RSI plotted on the daily chart can be seen drifting lower, indicating presence of bearishness in the pair.
Technically, we might see the pair find resistance around the 83.30-83.40 zone.
On the downside 83.00 mark is a make or break level, if the pair breaches below the 83.00 mark we might see it move lower towards the 82.80 zone.
EUR/INR
The Euro was dependent on the trend and momentum of the Dollar.
The EURINR pair tested a low of 90.88, where strong buying interest was seen, which pushed the pair back towards the 91.10 mark.
On the daily chart we can see that the pair is placed between the 20 and the 50 day moving average.
The RSI plotted on the daily chart can be seen slightly turning higher, indicating exhaustion in the bearish momentum in the pair.
In the sessions to come we might see the pair find support near 90.90-90.80.
On the upside the immediate resistance is placed near 91.20-91.35.
JPY/INR
The US 10 year bond yields were very volatile, and the Yen closely followed the yields closely.
The JPYINR pair opened on a negative note and then continued to drift lower, towards 57.50. On the daily the pair formed a small bodied candle, near the 50 day moving average.
The RSI plotted on the daily chart can be seen moving lower, suggesting a possible increase in bearish momentum in the pair.
In the sessions to come we might see the pair find resistance near the 57.70-58.00.
On the downside 57.40-57.20 is expected to act as an immediate support.
GBP/INR
It was yet another choppy session for the Pound, in the first half of the session, we saw the GBPINR pair move lower towards 105.50
where it saw strong buying interest which pushed it higher towards the 105.80 towards the end of the session.
The GBPINR opened on a slightly negative note, and ended the session on a Doji like candle pattern, indicating indecisiveness in the pair.
The RSI plotted on the daily chart can be seen flattening, indicating lack of momentum in the pair In the sessions to come we might see 105.90 act as a resistance.
On the downside the immediate support is placed near the 105.50.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
