The GBPINR made multiple attempts to move higher, but faced major resistance near the 106.20 zone - Axis Securities Ltd
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USD/INR
The Dollar index continued to trade between 103.20 and 102.60. The USDINR pair was majorly dominated by the flows and the faced rejection near the 89.20-83.00 zone and moved lower. On the daily chart the pair formed a small bearish candle with a long upper wick, indicating selling pressure near the 82.90 zone. RSI plotted on the daily chart can be seen forming a bearish hinge, indicating exhausting bearish momentum in the pair. Going by the price action, we might see the 82.90-83.00 act as a resistance zone. On the Downside the immediate support is place near the 82.70 zone, if the pair breaches below the 82.70, we might see the pair move lower towards the 82.50-82.40 mark.
EUR/INR
The Dollar index trading with a neutral bias put the Euro in a range since the past couple of sessions. The EURINR faced rejection around the 90.70 zone and drifted lower. On the daily time frame, that the pair formed a doji like candle pattern, indicating lack of momentum in the pair. The RSI plotted on the daily chart, can be seen flattening, indicating exhausting momentum in the pair. Going by the price action, 90.80-91.00 is expected to act as a resistance level. On the downside the support is placed near 90.40-90.20
JPY/INR
The US 10-year bond yields moved higher towards the 4.20% mark and this put a lot of pressure on the Yen. The JPYINR pair opened on a flattish note and then consolidated though out the session. On the daily chart the pair formed a doji candle patter, indicating indecisiveness in the pair. The RSI plotted on the daily chart can be seen flattening, indicating exhausting momentum in the pair In the sessions to come we expect 56.40- 56.50 to act as a strong resistance. On the downside the immediate support is now placed near 56.00 zone.
GBP/INR
The GBPINR made multiple attempts to move higher, but faced major resistance near the 106.20 zone. On the daily chart, we can see that the pair has been consolidating between 106.20 and 105.50 since the past couple of sessions. The RSI plotted on the daily chart can be seen flattening, suggesting lack of momentum in the pair. In the sessions to come we might see 106.30-106.40 act as a resistance. On the downside the immediate support is placed near the 105.90-105.70 mark.
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