The RSI plotted on the daily chart can be seen moving higher towards the overbought level - Axis Securities Ltd
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USDINR
Strategy for coming week
Sell near 83.45
Stop Loss @ 83.60
View: Range bound
Target @83.10-83.00
The USDINR continues to trade in a Range between 83.00-83.50
Technical Outlook on Rupee
• In the week that passed by, we saw the USDINR pair drift higher towards the 83.45 zone.
• The RSI plotted on the daily chart, can be seen moving higher towards the overbought zone, indicating presence of bullish momentum in the pair.
• Over the past couple of weeks, we have seen strong selling activities near the 83.40 zone. Technically, we have the pair find rejection near the 83.40 mark and move lower towards the 83.10 zone. On the Downside the immediate support is placed near the 83.10-83.00 zone.
Fundamental news on USDINR
• In the week that passed by, we saw the PMI data come in lower than the estimates, this pushed the expectation of a hawkish FED lower and in turn pushed the US 10-year bond yields and the Dollar index lower.
• In the coming week we the CB Consumer confidence, prelim GDP, core PCE, unemployment, ISM Manufacturing PMI and then we have the FED chair Jerome Powell speaking at a conference.
USDINR – DAILY CHART
EURINR
Strategy for coming week
Buy on dip near 90.63
Stop Loss @ 90.20
View: Bullish
Target @ 91.50-91.70
EURINR since the past couple of sessions has been attempting to move Higher
Technical Outlook on EURINR
• In the week that passed by the EURINR constantly found support near the 90.60 zone, and attempted to move higher above the 91.00 level.
• The RSI plotted on the daily chart can be seen moving higher towards the overbought level, indictaing increasing bullish momentum in the pair.
• Going by the price action, we believe that the pair could find support near the 90.20 zone and make a move higher towards the 91.50 – 91.30.
Fundamental news on EURINR
• In the previous week, we saw the industrial activities improve in Germany, this gave the Euro a bit of a boost.
. • In the coming week, we have the inflation data from the Bloc, the general expectation is that the inflation could cool off a bit,any positive surprises will push the Euro higher.
EURINR – DAILY CHART
GBPINR
Strategy for coming week
Buy on dips near @ 104.50
Stop Loss @ 104.00
View: Bullish
Target @ 105.00- 105.30
GBPINR has been forming a higher high higher low pattern and inching closer to the 105.30 zone
Technical Outlook on GBPINR
• In the previous week, the GBPINR pair traded with a bullish bias and moved closer to the 105.00 mark.
• The RSI plotted on the daily chart can be seen moving higher towards the overbought zone, indictaing increasing bullish momentum in the pair.
• Going by the price action, if the pair manages to hold above the 104.00 zone, we might see it make a move higher towards 105.00-105.30 zone.
Fundamental news on GBPINR
• In the week that passed by, the data suggested that the industrial activities in the UK have shown improvement, and then we had a few comments from the BoE members, which pushed the Pound higher.
• In the coming week we have BOE Gov Bailey speaking, so the trend and the momentum of the pound will be majorly dependent on the trend and direction of the US Dollar
GBPINR – DAILY CHART
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