The USDINR pair opened on a slightly positive note - Axis Securities
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USDINR
The developments around the geopolitical tensions have been the major driver for the Dollar. During the day the Dollar index moved lower towards the 106.00 mark. The USDINR pair opened on a slightly positive note and then drifted lower towards the end of the session. On the daily chart we can see that the USDINR formed a small bearish candle, indicating presence of bearishness in the trend. The RSI plotted on the daily chart can be seen flattening around the reference line, indicating lack of momentum in the pair. In the sessions to come, the immediate support for the pair is placed near the 83.00. On the upside the immediate resistance is placed near 83.40-83.50.
EUR/INR
The dollar moving lower, pushed the Euro higher. The EURINR opened on a positive note, in the first half of the session, the pair witnessed selling. Strong buying came in near the 88.00 zone, which took the pair higher towards the 88.27. On the daily chart, we can see that the pair formed a bullish candle, indicating presence of bullishness in the pair. The RSI plotted on the daily chart can be seen moving higher towards the overbought zone, indicating increasing bullish momentum in the pair. In the sessions to come, the immediate support is placed near the 87.80-87.70. The immediate resistance is placed near the 88.50.
JPY/INR
The USDJPY attempted to move lower during the day, as the US 10 year bond yields came off its recent highs and also the bets of a change stance by the BoJ increased. The JPYINR opened on a positive note, but lacked follow through. On the daily chart we can see that the pair formed a small bodied candle, indicating lack of momentum in the pair. The RSI plotted on the daily chart continues to move lower towards the oversold zone, indicating lack of bullish momentum in the pair. In the sessions to come we might see the pair find resistance near the 56.20-56.30. On the downside the 55.70-55.50 is expected to act as a support.
GBP/INR
US Dollar softening during the day gave the Pound a lot of boost. The GBPINR was very volatile during the day. Mid day the pair tested a low of 100.8275, where it witnessed strong buying and moved higher towards the 20 day moving average. On the daily chart we can see that the pair formed a doji with a long lower leg, indicating buying interest near the 100.80. The RSI plotted on the daily chart can be seen flattening, indicating lack of momentum in the pair. In the sessions to come we might see the immediate support come in near the 100.70- 100.50 On the upside the immediate resistance is placed near the 101.30-101.50 zone
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