The lack of driving forces have gotten the pound to be completely dependent on the trend and momentum of the Dollar - Axis Securities
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USD/INR
With the lack of driving forces the Dollar traded in a range. USDINR opened on a flattish note, in the first few minutes it tested a low of 82.93, and then bounced back to end the session above the psychological level of 83.00. On the daily chart we can the pair formed a bullish candle with a long lower wick, hinting towards a possible buying interest near 82.90 zone. The RSI plotted on the daily chart can be seen forming a bullish hinge, indicating exhausting bearish momentum in the pair. Technically, the immediate resistance for the pair is placed near 83.15-83.20, if the pair faces rejection around this level we might it tank lower towards 82.80-82.70.
EUR/INR
The Euro gained a bit of traction during the day. EURINR opened on negative note and then drifted higher in the first half of the session, and printed a high of 90.81. The profit booking around the high, pushed it lower towards the end of the session. On the daily chart, the pair formed a small bodied candle with wicks on either sides indicating indecisiveness in the pair. The RSI plotted on the daily chart can be seen moving lower, indicating towards a possible exhaustion in the bullish momentum in the pair. Technically, the pair has been forming a lower low lower high pattern, indicating presence of bearishness in the trend. The immediate support for the pair is placed near 90.27. On the upside the immediate resistance is placed near 90.93
JPY/INR
The Yen was quite subdued ahead of the BoJ policy decision. The JPYINR opened on a negative note, and consolidated until the last hour of trading. Towards the end of the session the pair did witness some selling which pushed it lower towards 58.30. On the daily chart we can see, that the pair formed a small candle with a long upper wick, indicating selling pressure near the 58.52 level. The RSI plotted on the daily chart can be seen drifting lower, indicating increasing bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 58.60. On the downside 58.00 could act as a support
GBP/INR
The lack of driving forces have gotten the pound to be completely dependent on the trend and momentum of the Dollar. After opening on a negative note, the GBPINR printed a high of about 105.50, where it witnessed strong selling pressure which pushed it lower towards the 105.20 towards the end of the session. On the daily chart, the pair formed a strong bearish candle, indicating presence of bearishness in the pair The RSI plotted on the daily chart can be seen moving lower towards oversold zone, indicating increasing bearish momentum in the pair. In the sessions to come we might see the immediate support come in around 105.00 zone. On the upside the immediate resistance is placed near the 105.51-105.61 zone.
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