The USDINR on Wednesday started off on a negative note and then drifted lower for the rest of the session - Axis Securities Ltd
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USD/INR
The USDINR on Wednesday started off on a negative note and then drifted lower for the rest of the session. On the daily chart we can see that the pair has managed to hold above the 20 and the 50 day moving averages. The Relative Strength Index (RSI) depicted on the daily chart appears to be moving lower, indicating increasing bearish momentum in the pair. From a technical perspective, we foresee potential resistance emerging around the 83.50 mark. Conversely, immediate support is anticipated within the 83.10-83.00 zone.
EUR/INR
The ECB kept the policy rate unchanged and kept the terminal rate steady at the highest level. The major trigger for the sell off in the Euro was the central bank hinting towards a possible rate curt in the month of June. Coming on to the EURINR pair, we have been seeing a bit of a consolidation since the past couple of sessions. Observing the daily chart, it is evident that the EURINR pair formed a candle with a small body, and long wicks, indicating lack of decisiveness in the pair. In terms of price action analysis, we anticipate the pair to find support around the 89.20-89.00 zone. On the upside the immediate resistance is placed near the 90.00 zone.
JPY/INR
The strong rally in the Dollar index and the US 10-year bond yields, has pushed the USDJPY pair higher above the 153.00 mark Examining the daily chart, we observe that the JPYINR pair has been in a slow and a steady downward drift. Furthermore, the RSI depicted on the daily chart is showing a downward trajectory, indicating an escalation in bearish momentum for the pair. In terms of overall chart structure, it is evident that the pair is could trade with a negative bias. On the downside the major support is placed near the 54.50-54.30 zone. The 55.00-55.20 zone is expected to act as a resistance.
GBP/INR
The expectations of a hawkish FED has pushed the pound lower. the GBPUSD pair moved lower towards 1.25 mark On Wednesday, the GBPINR pair opened on a flattish note and then moved higher towards the 105.60 zone The price action on the daily chart suggests that the pair has been finding resistance around the 105.60-105.70 zone, so the price action around the this level will be very crucial to watch. Looking ahead, we anticipate potential resistance emerging near the 105.70 level in the upcoming sessions. Conversely, immediate support is expected to be found around the 104.50-104.30 range.
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