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USDINR

Strategy for coming week

Sell on rise near 83.35

Stop Loss @ 83.50

View: Range bound

Target @ 83.10 - 82.30

The USDINR seems to be finding resistance around the 83.35- 83.45 zone and moving lower.

Technical Outlook on Rupee

• In the week that passed by, USDINR has been facing strong rejection around the 50 day moving average and, in the previous the same thing repeated, and the pair moved lower towards the 83.20.

• The RSI plotted on the daily chart, can be seen moving lower, indicating increasing bearish momentum in the pair.

• The Dollar rupee pair has been forming a lower low lower high pattern and inching lower, going by the price action any move towards the 83.40 can be sold into with a stoploss of 83.50. On the downside we might see the pair move lower towards 83.10- 83.00.

Fundamental news on USDINR

• In the week that passed by, the Dollar index saw some major recovery, as the traders got a reality check on the pace and number rate cuts in the year 2024.

• In the coming week, the inflation data from the US economy will be major driver for the US Dollar. We have the inflation, core inflation and the PPI data coming out between the 11th and 12th Jan 2024.

EURINR

Strategy for coming week

Sell on rise near 91.30

Stop Loss @ 91.80 View:

Bearish Target @ 90.50- 90.30 E

URINR has been forming a lower low lower high pattern

Technical Outlook on EURINR

• Since the past two weeks we have been seeing strong down moves in the EURINR pair. In the previous week, the pair managed to breach below the 91.00 mark and moved lower.

• 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 seems to be forming a lower low lower high pattern, in the coming week we might look for selling opportunity in the pair if it moves higher towards 91.30, with a strict stoploss of 91.80. On the downside the immediate support is placed near the 90.50 which happens to be placed near the 50-day moving average, followed by 90.30

GBPINR

Buy on dips near @105.00

Stop Loss @ 104.50

View: Bullish

Target @ 106.00-106.20

GBPINR has managed to sustain above the 105.00 level.

Technical Outlook on GBPINR

• In the week that passed by the GBPINR pair was broadly range bound and moved between 106.00 and 105.00 thought out the week.

• The RSI plotted on the daily chart can be seen moving lower, hinting towards a possible increase in the bearish momentum in the pair.

• Going by the price action, if the pair manages to sustain above the 105.00 mark, we might see the pair trade with a bullish bias. One can consider the moved towards the 105.00 a buying opportunity, we recommend a strict stop loss of 104.50. On the upside we might see the pair make a move higher towards the 106.00- 106.20

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