The USDINR pair opened on a negative note and immediately tested a low of 83.11 - Axis Securities
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USD/INR
The USDINR pair opened on a negative note and immediately tested a low of 83.11.
strong buying was seen near the low and the pair moved higher towards the 83.25 towards the end of the session
On the daily chart we can see that the pair formed a small candle with a long lower wick, indicating buying interest near the 83.10 zone. The RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair.
Technically, we might see the pair find resistance around the 83.30-83.40 zone. On the downside the immediate support is placed near the 83.10-83.00 mark.
EUR/INR
Lack of driving forces kept the Euro in a tight range.
The EURINR consolidated in a tight 20 paisa range though out the session and then moved higher in the last 30 minutes of trading.
On the daily chart we can see that the pair formed an inside candle, indicating low volatility in the pair. On the daily chart we can see that the EURINR pair bounced off the 90.90 mark and moved high towards the 91.40.
The RSI plotted on the daily chart can be seen forming a bullish hinge, indicating exhaustion in the bullish momentum in the pair.
In the sessions to come we might see the pair find support near 90.80. On the upside the immediate resistance is placed near 91.30-91.65.
JPY/INR
The USDJPY hovered around the 144.50 zone though out the session, majorly because the Japanese markets were shut.
The JPYINR pair opened on a positive note and attempted to move higher above the 57.95 mark. On the daily the pair formed a small bullish candle, hinting towards a possible support near the 57.50.
On the daily chart we can see that the pair opened and managed to sustain above the previous session high.
The RSI plotted on the daily chart can be seen moving higher, suggesting a possible increase in bullish momentum in the pair.
In the sessions to come we might see the pair find resistance near the 58.10-58.30. On the downside 57.70-57.50 is expected to act as an immediate support
GBP/INR
The Pound was majorly dependent on the trend and direction of the Dollar, the sudden bidding in the Dollar pushed the pair lower.
The GBPINR opened on a positive note, and then moved between gains and losses though out the session. On the daily chart the pair formed a doji like candle pattern, indicating indecisiveness in the pair.
The RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair. In the sessions to come we might see 105.80-106.00 act as a resistance.
On the downside the immediate support is placed near the 105.45-105.20 zone
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