The USDINR pair opened on a slightly negative note and then drifted higher towards the 83.50 zone - Axis Securities Ltd
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USD/INR
The Dollar index has been trading between gains and losses and hovering around the 105.00 mark. The USDINR pair opened on a slightly negative note and then drifted higher towards the 83.50 zone. On the daily time frame we can see that the pair has been able to sustain above the 83.30 zone and has been making multiple attempts to move above the 83.50 zone. RSI plotted on the daily chart can be seen drifting higher, indicating increasing bullish momentum in the pair. Technically, the 83.55-83.60 is expected to act as a resistance. On the Downside the immediate support is placed near the 83.30-83.10 zone.
EUR/INR
The flat dollar put the Euro in a range too. The EURINR pair opened on a negative note around the 89.70 zone and then drifted higher towards the 90.00 mark. On the daily time frame, the pair can be seen forming a small bodied candle with a long upper wick, indicating sell off near the 90.00 mark. The RSI plotted on the daily chart, can be seen moving lower, indicating increasing bearish momentum in the pair. Going by the price action, 90.00-90.10 is expected to act as a resistance level. On the downside, 89.40-89.30 zone is expected to act as a major support level.
JPY/INR
The USDJPY pair continues to hover around the 151.00 mark and this has been putting a lot of pressure on the JPYINR. On the daily chart we can that JPYINR has been consolidating since the past few sessions. The RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair. Overall chart structure suggests that the pair is in a consolidation zone between 55.00 and 55.60.
GBP/INR
The GBPINR pair opened on a negative note and moved higher towards the 105.00 mark towards the end of the session. On the daily chart we can see that the pair has broken below the multi session consolidation and is moving lower towards the 104.50 zone. On the daily chart, the RSI can be seen moving lower, indicating increasing bearish momentum in the pair. In the sessions to come we might see 105.30 act as a resistance. On the downside the immediate support is placed near the 104.60-104.50 mark.
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