The GBPINR moved between gains and looses though out the session - Axis Securities Ltd
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USD/INR
It was yet another flat session for the USDINR pair as the traders wait on the side lines for the PCE data. The pair opened on a flattish note and traded in a tight 5 paisa range. On the daily chart the pair formed a small doji like candle pattern, indicating lack of decisiveness in the pair. RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair. Going by the price action, we might see the 83.05-83.10 act as a resistance zone. On the Downside the immediate support is place near the 82.90-82.80 zone.
EUR/INR
The Dollar index moved below the 104.00 mark and this gave a boost to the Euro. The EURINR pair attempted to replicate the gains in the EURUSD, but the gains were limited to 90.20. On the daily time frame, we can see that the pair has been making efforts to move higher towards the 50 day moving average. The RSI plotted on the daily chart, has been suggesting increasing bullish momentum in the pair. Going by the price action, 90.20-90.40 is expected to act as a resistance level. On the downside the support is placed near 89.80-89.70.
JPY/INR
Volatile US 10-year bond yields, have been tossing the Yen around, and this is affecting the JPYINR pair big time. On Tuesday the pair opened on a flattish note, and then drifted higher, but the gains in the pair were capped around the 55.60 zone. On the daily chart we can see that the pair has been attempting to move higher after a strong fall in the initial day of February. The RSI plotted on the daily chart can be seen hovering around the oversold zone, indicating lack of momentum in the pair. In the sessions to come we expect 55.60- 55.70 to act as a strong resistance. On the downside the immediate support is now placed near 55.20-55.00 zone.
GBP/INR
The softer Dollar pushed the pound higher. The GBPINR moved between gains and looses though out the session. On the daily chart we can see that the pair has been facing rejection near the 105.30 zone since the past couple of sessions The RSI plotted on the daily chart can be seen flattening near the reference line, indicating lack of momentum in the pair. In the sessions to come we might see 105.30-105.50 act as a resistance. On the downside the immediate support is placed near the 104.90-104.70 mark.
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