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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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