IGI Logo

USD/INR

Market Commentary:

* The FED kept the terminal rate unchanged, inline with their higher for longer motto. The Dollar weakened after the FED Chair flagged inflation concerns and mentioned that the rate hike is not likely. On Tuesday USDINR, failed to move above 83.60 and ended the session with an inside candle.

* On the Daily chart the pair has formed a small bodied candle with a long upper wick, indicating selling pressure around 83.55 handle. Resistances for the pair lie at 83.60, 83.75 while supports are expected around 83.36-83.30 (5,13,21 day EMA cluster) and 83.20 the recent swing low.

* The daily stochastic oscillator formed a bullish crossover, while the weekly continues to remain in the overbought zone.

* Notable strikes set for expiration today lie at 83.3075, 83.75.

* Bloomberg’s FX forecast model suggests there is a 9.5% probability that the pair will breach above 83.75 while there is a 5% chance that it will breach below 83.20

EUR/INR

Market Commentary:.

* The recent data releases from the Bloc showed that, all four of the major economies performed better than expected, reducing the recession expectations. Consequently pushing the EURUSD pair higher above the 1.07. EURINR has been consolidating since the past few sessions.

* The EUR/INR pair has been finding support ~89.30, which is placed around the 5 and 13 day EMA.

* The daily stochastic oscillator moving higher and the 20 Day Z-score of the difference between the 8 and 21 day moving average, inching closer to the zero line, suggest bullish momentum in the pair.

* Notable strikes set to expire today for EUR/USD lie at 1.0725, 1.0745.

* Bloomberg’s FX forecast model suggests there is a 10.9% chance that the pair will breach above 89.90 today while there is a 16.9% probability that it will breach below 88.90

GBP/INR

Market Commentary:

* The GBP/USD pair seems to be gaining momentum after bouncing off the 1.2525 zone, supported by the sharp decline in the Dollar index after the FED kept the policy rates, unchanged. GBPINR in the previous sessions formed a small bodied candle, with wicks on either sides, indicating indecisiveness in the pair

* The pair’s advance helped it close above the short term (5,13,21) day exponential moving average for the 2nd straight session, which are aligned for a short term up move.

* The daily stochastic indicator has moved closer to the Overbought regime, while the 20 period Z-score of the 8 and 21 day moving averages, remain in the neutral territory.

* Notable strikes set to expire today for GBP/USD lie at 1.2450, 1.2500, 1.2550 and 1.2580.

* Bloomberg’s FX forecast model suggests there is a 10.4% probability that the pair will breach above 104.90, while there is a 7.4% probability that it will breach below 103.80.

JPY/INR

Market Commentary:

* The Yen saw a near 2% odd drop on Wednesday, after a suspected intervention by the Japanese authorities. This could help the JPYINR pair gain some strength. On Tuesday the pair ended the session with an inside candle.

* The pair is currently placed below the short term (8,13,21) day EMA.

* Immediate support lies at 0.5300 followed by 0.5218, while resistances are expected around the 21 day EMA which is placed at 0.54, beyond which we might see resistance around 0.5420

* Notable strikes set to expire today are at 156.50, 156.75.

* Bloomberg’s FX forecast model suggests there is a 9.8% probability that the pair will breach above 0.5342 tomorrow while there is a 10% probability that it will breach below 0.5262.

For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633