Rupee after the previous day gains stood strong in the beginning of the session and traded silently on lower levels.
FOMC Committee which is coming with its monetary policy is expected to keep its benchmark lending rates unchanged though the sentiments may get affected as they will release their statements.
Key event which was awaited was UK Q1 GDP which came as per expectations at 0.4% vs previous 0.6%. Yearly reading stands at 2.1% against 2.0% expected. Hence, Britain ext still remains the important point for the pound traders.
- Asia FX trapped as Fed, BOJ caution grows; won rises.
- Aussie plunges, Fed eyed for dollar direction.
- Won, ringgit, Singapore dollar up; yuan dips.
- Australia dollar sinks on inflation blow, NZ dollar hit by trade deficit.
- UK Q1 prelim GDP meets expectations, Brexit remains focal point.
USDINR sustained at lower levels for the second consecutive session and closed in negative zone.
It strictly resisted at the trend line so coming from deeper supports on daily chart in the previous session and so it may further drop towards the support of 66.5500 while resistance is seen near 67.2500.
EURINR after finding support of trend line in the previous session as shown above moved in the same consolidated range and closed flat with slight positive bias.
Now, immediate resistance is shown around 75.8000 above which buying momentum can be seen while support is marked around 75.2500
GBPINR continued the bull rally since last few consecutive sessions on back of strong pound against greenback.
On daily charts, it has been moving in downward channel pattern and the pattern will find its significance above the resistance of 97.7500 while major support is seen near 96.7500.
JPYINR was the most worst performing pair for the intraday session and closed with loss of approx 0.40%.
On daily charts, it broke the support which it found at the trend line so coming from deeper support levels and so next crucial support is seen near 59.7000 and resistance near 60.3000.
Intraday Super Star
EURINR consolidated around the support levels on intraday charts whereas hovered around the same range as of previous session on daily charts. Hence, sell offs can be seen if it sustains below the given level.
SELL BELOW 75.5100 TARGETS 75.3900/75.2500 SL 75.7100.
USDINR reversed exactly from the trend line so shown in the daily chart above and dragged for the second consecutive session. Therefore, selling pressure is expected to continue towards the near supports.
SELL BELOW 66.7900 TARGET 66.5500 SL 67.0100.