The EURUSD pair moved lower after the Dollar index gained traction and started moving higher towards the 106.00 mark - Axis Securities
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USDINR
It was a fairly silent session despite the Dollar index inching higher. In the initial few hours of trading, the pair rallied higher towards the 83.30 and then consolidated in a range for the rest of the session. On the daily chart we can see that the USDINR pair formed a bullish candle and inched closer towards the 83.30 zone. The RSI plotted on the daily chart has formed a bullish hinge and can be seen moving higher towards the overbought level, indicating presence of bullish momentum in the pair. In the sessions to come, 83.50 is expected to act as a resistance level. On the downside the immediate support is placed near the 83.00-82.80.
EURINR
The EURUSD pair moved lower after the Dollar index gained traction and started moving higher towards the 106.00 mark. The EURINR pair was very volatile after a positive open. On the daily chart the pair formed a small bodied candle with wicks on either sides, indicating lack of decision making among the traders. The RSI plotted on the daily chart, can be seen hovering around the oversold zone, indicating lack of momentum in the pair. On the downside the immediate support is placed near the 88.40-88.20 mark, if the pair breaches below the 88.20 we might see the pair make a move towards the 88.00 zone. On the upside the immediate resistance is placed near the 89.00.
JPYINR
The US 10 year bond yields moving higher did put a lot of pressure on the Yen. The JPYINR pair inched lower towards the 56.00 level, courtesy the rally in the USDJPY pair. On the daily chart the JPYINR pair continues to inch lower, indicating presence of bearishness in the pair. The RSI plotted on the daily chart continues to hover around the oversold zone, indicating lack of momentum in the pair. In the sessions to come we might see the pair find resistance near the 56.70 level. On the downside the 56.00 is expected to act as a support.
GBPINR
The GBPINR moved between gains and losses through out the sessions. On the daily chart we can see that the pair formed a small bodied candle inside the previous session range, indicating lack of decision making by the traders. The RSI plotted on the daily chart can be seen forming a bullish hinge near the oversold zone, indicating lack of bullish momentum in the pair. In the sessions to come we might see the immediate support come in near the 101.50- 101.00, On the upside the immediate resistance is placed near the 102.50 zone.
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