The pair continued to hover around between 83.20 and 83.30 through out the session - Axis Securities
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USD/INR
The Dollar traded in a range ahead of the Unemployment claims data. The USDINR pair opened on a negative note and then traded in a tight range for the rest of the session. The pair continued to hover around between 83.20 and 83.30 through out the session. On the daily chart we can see that the USDINR pair formed a small bearish candle, with upper wick, indicating selling pressure near the 83.30 zone. The RSI plotted on the daily chart can be seen drifting lower towards the oversold zone, indicating increasing bearish momentum in the pair. In the sessions to come, the immediate support for the pair is placed near the 83.10-83.00. On the upside the immediate resistance is placed near 83.40-83.50.
EUR/INR
The EURINR opened on a negative note and printed a low of 87.70, where it did find some buying interest. On the daily chart, we can see that the pair is placed below the 20 and the 50 day moving averages, as of now the pair is attempting to move higher towards the 20 day moving average, which is placed close to the 88.00 mark. The RSI plotted on the daily chart can be seen moving lower, indicating presence of bearishness in the pair. In the sessions to come, the immediate support is placed near the 87.60-87.50. The immediate resistance is placed near the 88.10-88.30.
JPY/INR
The US 10 year bond yields moving higher towards the 5% mark seems to be taking a major toll on the Yen. On Thursday we come across the possibility of a change in stance and rate decision. On the daily chart we can see that the pair continues to form small bodied candles, indicating lack of momentum in the pair. The RSI plotted on the daily chart can be seen moving lower indicating increasing bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 56.20-56.30. On the downside the 55.60-55.50 is expected to act as a support.
GBP/INR
The GBPINR followed the Dollar index and the opened on a negative note and then continued to moved lower towards the 101.70. On the daily chart we can see that the pair is trading below the 20 and the 50 day moving averages, indicating presence of bearishness in he pair. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearishness in the pair. In the sessions to come we might see the immediate support come in near the 100.70- 100.50 On the upside the immediate resistance is placed near the 101.30-101.50 zone.
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