The traders continued to be on the side lines ahead of the US inflation data - Axis Securities
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USD/INR
The traders continued to be on the side lines ahead of the US inflation data. Despite the flattish Dollar index the Rupee appreciated a bit, and tested a low of 83.00 majorly because of the inflows. We did see some strong buying near the 83.00 mark, which pushed it higher towards 83.10 zone. The RSI plotted on the daily chart can be seen drifting lower, indicating presence of bearishness in the pair. Technically, we might see the pair find resistance around the 83.20-83.30 zone. On the downside the immediate support is placed near 83.00-82.80 zone.
EUR/INR
The Euro went though a major sell off after the equity markets shut, and moved lower towards the 91.00 mark. On the daily chart we can see that the pair faced rejection around the 20 day moving average, and ended the session with a long upper wick, indicating selling interest around the 91.20 zone. The RSI plotted on the daily chart can be seen flattening around the reference line, indicating lack of momentum in the pair. In the sessions to come we might see the pair find support near 91.00-90.80. On the upside the immediate resistance is placed near 91.30-91.40.
JPY/INR
The USDJPY pair continues to sustain above the 144.00 mark, and this seems to be acting as a major negative for the Yen. The JPYINR opened on a negative note and then continued to drift lower. On the daily time frame the pair moved below the 50 day moving average, indicating overall bearishness in the trend. The RSI plotted on the daily chart can be seen moving lower, suggesting a possible increase in bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 57.50-57.60. On the downside 57.10-57.00is expected to act as an immediate support.
GBP/INR
The GBPINR faced rejection around the 106.00 mark yet again, and drifted lower though out the session. After a positive open, the pair ended the session on a negative note. The RSI plotted on the daily chart can be seen flattening, indicating lack of momentum in the pair In the sessions to come we might see 106.10-106.20 act as a resistance. On the downside the immediate support is placed near the 105.70-105.60.
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