The USD/INR inched close to the 83.60 handle on Tuesday, pushing the rupee to a record low - Axis Securities Ltd
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Spot USD/INR
• The USD/INR inched close to the 83.60 handle on Tuesday, pushing the rupee to a record low
• The relatively long lower wick of the candle suggests buying interest in the pair near 83.45, a level of former resistance
• The recent advance has flipped the stochastics oscillator to bullish with the crossover happening under the overbought threshold
• Fibonacci based upside hurdles lie between 83.65 and 83.80 while supports are at 83.33 and 83.45
• The moving-average (8,21) spread oscillator is in neutral territory
• No notable strikes on the pair are due to expire on April 18
Spot EUR/INR
• The EURINR experienced an initial dip on Tuesday, but recovered from ~88.50 handle to finish higher
• The daily oscillator is in a bearish regime and is not oversold, but the last two candles are showing presence of demand at lower levels
• Resistances lie at 89.00 followed by 89.35, while supports may be seen at 88.52 and 88.13
• The moving-average (8,21) spread oscillator remains neutral but is close to probing the outlier mark(-2)
• Notable strikes set to expire on April 18 for the EUR/USD lie at 1.0800 and 1.0860
Spot JPY/INR
• The JPY continued to drop to multidecade lows against the greenback, and that has kept the pressure on the INR cross
• The stochastics oscillator plotted on the daily shows that the pair is placed in extremely oversold territory, but is yet to trigger a bullish crossover
• Fibonacci-based supports lie at 0.5360 and 0.5222 while upside hurdles lie at 0.5443 and 0.5490.
• The histogram tracking deviations of the moving average (8,21) is in neutral mode below 0.
• Notable strikes due to expire on April 18 for USD/JPY lie at 152 and 153
Spot GBP/INR
• The pound’s price action in the last three days suggests a heightened chance of at least a short-term swing low being in place
• If the pair manages a close above 104.26 in the upcoming trading session, it will add more credibility to the recent low of 103.60
• Momentum remains bearish but is now in an oversold state, pending a bullish cross.
• The moving average spread (8, 21) oscillator is negative, but remains neutral
• Notable strike due to expire on April 18 for GBP/USD lies at 1.2390
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