The USDINR seems to be finding resistance around the 83.30 - Axis Securities
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USD/INR
Strategy for coming week
Sell on rise near 83.35
Stop Loss @ 83.50
View: Bearish
Target @ 83.00 - 82.80
The USDINR seems to be finding resistance around the 83.30- 83.35 zone and moving lower
Technical Outlook on Rupee
• In the week that passed by, USDINR faced strong resistance around the 83.45 and then moved lower towards the 83.20 zone.
• The RSI plotted on the daily chart, can be seen flattening around reference line, indictaing lack of momentum in the pair.
• The USDINR pair has retested the pair faced rejection near the 83.45 zone and moved lower towards the 83.10 zone. In the session come we might see the pair find resistance near the 83.45 and move lower. On the downside the immediate support is placed near the 83.10 -83.00 zone.
Fundamental news on USDINR
• In the week that passed by, there were not many data releases from the US economy, so the traders focused on the mild data releases, which supported the FED pivot.
• In the coming week we have a fair few data releases from the US economy, starting off with the manufacturing data, followed by the FOMC Meeting Minutes, ADP Non-Farm Employment Change, Employment data and the services PMI data.
EUR/INR
Strategy for coming week
Sell on rise near 92.50
Stop Loss @ 93.00
View: Bearish
Target @ 91.70-91.50
EURINR moving lower after facing rejection near the 92.70
Technical Outlook on EURINR
• In the week that passed by the EURINR faced rejection near 92.70 and tanked lower 92.00.
• The RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair.
• Going by the price action, the EURINR has formed an evening star patten near the 92.70 and is poised for a fall probably towards 91.70-91.50.
Fundamental news on EURINR
• In the week that passed by, the Euro was completely dependent on the trend and momentum of the Dollar.
• In the coming week, have inflation data from the Bloc which could spike up the volatility in the Euro pair
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